Indonesian crude oil price average of 77.16 dollars per barrel

October 08, 2010

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Ministry of Energy and Mineral Resources (EMR) record crude oil prices Indonesia (Indonesian crude price / ICP) on average during January-September 2010 reached 77.16 dollars per barrel. Director General of Oil and Natural Gas Ministry of Energy and Mineral Resources Evita Legowo, Monday (4/10/10) in Jakarta said the realization of the ICP is still lower than the assumptions Anngaran Revenue and Expenditure (Budget) Amendment 2010, which is set at 80 dollars per barrel. The average ICP is still under the assumption that the state budget, he said.

According to him, the average price of ICP September 2010 reached 76.76 dollars per barrel or up 0.82 dollars per barrel from the previous month or August which amounted to 75.97 dollars per barrel. While the average price of ICP in July 2010 amounted to 73.75 dollars per barrel, June 75.27 dollars per barrel, May 77.02 dollars per barrel, April 85.54 dollars per barrel, March 78.71 dollars per barrels, February 74.05 dollars per barrel, and January 77.33 dollars per barrel.

Tim Price of Oil Indonesia, as quoted from the site www.migas.esdm.go.id reveal, increasing crude oil prices in September 2010 compared with previous months in line with the development of the main crude oil prices in international markets, except New York Mercantile Exchange. A number of analysts said the oil market, the factors that cause an increase in price include the estimated increase in world crude oil prices by some oil market analysts institutions.

International Energy Agency (IEA) estimates global oil demand in 2010 increased by 1.9 million barrels per day to 86.6 million barrels per day compared to 2009. While the Organization of Petroleum Exporting Countries / OPEC also estimated that global crude oil demand for 2010 increased by 1.05 million barrels per day to 85.5 million barrels per day.

Increasing oil prices also caused by the IEA report in September 2010 which states the decline of global crude oil supply by 0.25 million barrels per day compared to the previous month, which is 86.8 million barrels per day. In addition, the increase in oil prices also caused by the weakening U.S. dollar against the euro and yen. In the U.S. oil market, oil prices WTI / Nymex decline caused by higher U.S. commercial crude oil stocks and falling domestic U.S. refinery operating rates. While in the Asia Pacific region, the increase in crude oil prices triggered by a report China manufacturing index increased to 52.9. This is the highest level in five months.