TEMPO.CO, Jakarta- The Ministry of Energy and Mineral Resources stated that price of Indonesian Crude Oil (ICP) went up by US$3.01 per barrel in April 2016, from its' previous figure recorded in March.
According to a released published by the Directorate General of Oil and Gas for the Ministry of Energy and Mineral Resources, the ICP is selling for US$37,20 per barrel in April 2016, higher that US$34.19 per barrel in March 2016. The uptrend has continued since ICP hit a nadir of US$27.49 per barrel in January 2016, as evidenced by the appreciation in February 2016 - where it sold for US$28.92 per barrel, and the figures recorded in March and April.
The Oil Appraisal Team for the Ministry said that the appreciation is caused by the increase in global crude oil demands, as well as petrol - as one of its' most demanded by-product.
Furthermore, the overall decline of crude oil, as well as well its' by-products - including commercial distillates such as petrol - has helped ICP to continue to appreciate. The overall decline, explained the Ministry, is caused by the decision of many of the world's major oil producer to decrease its' daily output, in an effort to reign in oil prices from falling further.
In Asia-Pacific specifically, the increase in crude oil prices is caused by the lower output projection of China's oil production, as well an increase in demand from India.
Generally speaking, crude oil prices have been on an uptrend throughout the month of April 2016. The West Texas Intermediate (WTI) has gone up by an aberage of US$3,16 per barrel in April to trade at an average of US$41,12 per barrel. The Brent North Sea oil also appreciated in April, trading in London at an average of US$43,34 per barrel - up by US$3,55 per barrel.
The Organisation of Petroleum Exporting Countries (OPEC) basket prices has also increase by US$2.96 per barrel - up to US$37.62 per barrel in April 2016.
ANTARA
