Berita

JAKARTA – Indonesian crude price based on ICP Formula along August 2012 increased US$ 8, 84 per barrel becoming US$ 111, 72 per barrel. Previously, ICP reached US$ 102, 88 per barrel. Minas/SLC price increased US$ 8, 70 per barrel becoming US$ 115, 22 per barrel. In July 2012, Minas/SLC price was US$ 106, 52 per barrel.

The increase of Indonesian crude price is along with the progress of main crude oil price in international market. It was caused by some factors such as the disturbance of crude oil production from non-OPEC countries especially from North Sea and the Gulf of Mexico caused by the production facility maintenance in the North Sea and tropical storm Ernesto and Isaac in the Gulf of Mexico cause the interruption of production process.  

Another factor is the decrease of oil production from OPEC countries ranging from 0, 07 – 0, 15 million barrel per day in July 2012 comparing to previous month based on the publication of International Energy Agency (IEA), OPEC and Centre for Global Energy Studies (CGES), especially caused by the decrease of Iran crude oil production for 1 million barrel per day.

Besides, the continuous political tension in Middle East such as there was no agreement between National Atomic Energy Agency with Iran regarding the negotiation of Iran nuclear program in Vienna and civil war in Syria. 

The increase of oil price in August was also caused by market positive response for the better condition of global economy. It was indicated by the plan of European Central Bank to purchase European countries obligation having debt problem, especially Italy and Spain, as a solving step to overcome financial crisis in European Zone and the better condition of labor market, housing market and the increase of retail sales in USA and also economic stimulus through the policy of exchange rate decrease in China.

The projection of global crude oil demand in 2012 showed an increased trend comparing to previous month:

The projection of global crude oil demand 2012 based on IEA publication increased for 0, 19 barrel per day comparing to previous month projection due to the economy of the world would be better by economic stimulation in USA, China, and Europe.

The projection of global crude oil demand 2012 based on OPEC publication increased 0, 04 million barrel per day comparing to previous month due to driving season and because nuclear reactor in Japan is not yet operated. 

The decrease of commercial crude oil and gasoline stock of USA in August 2012 comparing to the previous month also strengthened the oil price. The commercial crude oil stock decreased for 9, 1 million barrel and gasoline stock decreased for 6, 7 million barrel. For Asia-Pacific region, the increase of crude oil was also caused by the high demand of Chinese crude oil despite the economic slowdown and the disruption in large-scale power plants disruption in large-scale happened in India, so it increased the utilization of oil-fueled power plants.

Here is the complete progress of crude oil average price in global market in August 2012:  • WTI (Nymex) increased for US$ 6,23 per barrel from US$ 87,93 per barrel to US$ 94,16 per barrel
• Brent (ICE) increased for US$ 9,96 per barrel from US$ 102,72 per barrel to US$ 112,68 per barrel.
• Tapis (Platts) increased for US$ 11,11 per barrel from US$ 104,83 per barrel to US$ 115,94 per barrel.
• Basket OPEC increased for US$ 9,89 per barrel from US$ 99,55 per barrel to US$ 109,44 per barrel.