ICP December 2024 Drops To 71.61 US Dollars Per Barrel

The Ministry of Energy and Mineral Resources (ESDM) has set the price of Indonesian Crude Price (ICP) in December 2024 to be at the level of 71.61 US dollars per barrel. This figure is down by 0.21 US dollars compared to November 2024 with a value of 71.83 US dollars per barrel.

The pricing is stated in the Decree of the Minister of Energy and Mineral Resources Number 9.K/MG.01/MEM.M/2025 concerning the Price of Indonesian Crude Oil in December 2024 dated January 9, 2025.

Plt. Head of the Communication, Public Information Service, and Cooperation Bureau of the Ministry of Energy and Mineral Resources, Chrisnawan Anditya, revealed that based on the analysis of the ICP Price Team, the cause of the decline in ICP prices was influenced by the decline in world oil prices due to the slowdown in the global economy.

The decline in crude prices in the international market was influenced, among other things, by China's weakening economy which caused a slowdown in China's crude demand growth, even some of the stimulus packages announced by the government in Beijing did not necessarily cause a spike in demand for oil, he said, Thursday, January 16.

He added that another factor that affected the Organization of the Petroleum Exporting Countries (OPEC) revised the decline in world oil demand forecasts in 2024 and 2025, compared to the previous month's publication of 210,000 and 300,000 barrels per day (bpd) to 103.82 million bpd and 105.57 million bpd.

"The decline in Indonesia's crude oil prices was also influenced by the strengthening of the US dollar exchange rate against other major currencies in the world, which reached a record high in the last two years," said Chrisnawan.

Meanwhile, based on the International Energy Agency (IEA) weekly report, United States gasoline stocks increased by 9.1 million bbl to 223.7 million bbl at the end of December 2024 compared to the previous month.

As for the Asia Pacific region, the decline in crude oil prices was also influenced by the Caixin China General Services PMI (Purchasing Manager Index), down to 51.5 in November 2024 mom. As well as a decline in Taiwan's crude run rate at the end of December 2024 to 73.9 percent or 795 thousand bph from a total capacity of 1.1 million bpd from 72.9 percent at the end of November 2024

The full development of the average price of major crude oil in December 2024 compared to November 2024 as follows:

- Brent dates fell by 0.53 US dollars per barrel from 74.47 US dollars per barrel to 73.94 US dollars per barrel-WTI (Nymex) up by 0.15 US dollars per barrel from 69.54 US dollars per barrel to 69.70 US dollars per barrel- Brent (ICE) down by 0.27 US dollars per barrel from 73.40 dollars per barrel to 73.13 US dollars per barrel.- OPEC Basketball rose by 0.02 dollars per barrel from 72.98 US dollars per barrel to 73.00 dollars per barrel.