ICP March 2026 Set at 102.26 US Dollars per Barrel

JAKARTA - The government through the Ministry of Energy and Mineral Resources (ESDM) has set the average price of Indonesian Crude Oil or Indonesian Crude Price (ICP) in March 2026 at 102.26 US dollars per barrel.

This determination is contained in the Decree of the Minister of Energy and Mineral Resources of the Republic of Indonesia Number 149.K/MG.03/MEM.M/2026 concerning the Indonesian Crude Oil Price for March 2026.

Director General of Oil and Gas, Laode Sulaemanz, said that the spike in ICP was inseparable from the global geopolitical dynamics that heated up throughout March 2026.

"The average ICP for March 2026 experienced a significant increase of 33.47 US dollars per barrel compared to February 2026, from 68.79 US dollars per barrel to 102.26 US dollars per barrel. This increase is in line with the trend of the world's major crude oil prices which also experienced a sharp increase," said Laode, quoted Saturday, April 18.

Furthermore, Laode explained that the increase in global crude oil prices was triggered by the escalation of conflicts involving the United States, Israel, and Iran, which had a direct impact on the world's energy supply. One of the main factors is the disruption of global energy distribution channels, including the temporary suspension of shipping through the Strait of Hormuz, which has been a route for about 20 percent of the world's oil supply. In addition, various attacks on energy facilities in the Middle East region also affect supplies.

Laode said that the dynamics of global conflicts had put pressure on energy production and distribution in a number of regions, including disruptions to LNG in Qatar, refinery operations in Saudi Arabia, and production declines in several countries and the impact on strategic facilities.

"The heated geopolitical situation causes global supply uncertainty, which ultimately drives a significant increase in crude oil prices," he added.

In line with this, the government continues to monitor global developments and prepare the necessary mitigation steps to strengthen national energy resilience. Including finding various alternative supply sources.

"Through proactive measures and continuous monitoring, the government continues to ensure that the national energy supply remains maintained and stable," said Laode.

In detail, the development of the average price of major crude oil in March 2026 compared to February 2026 experienced an increase as follows:

The average ICP for Indonesian crude oil rose by 33.47 US dollars per barrel from 68.79 US dollars per barrel to 102.26 US dollars per barrel.

Brent (ICE) prices increased by 30.23 US dollars per barrel from 69.37 US dollars per barrel to 99.60 US dollars per barrel.

WTI (Nymex) rose by 26.47 US dollars per barrel from 64.52 US dollars per barrel to 91.00 US dollars per barrel.

Dated Brent rose 32.73 dollars per barrel from 71.15 dollars per barrel to 103.89 dollars per barrel.

OPEC basket rose significantly by 48.13 US dollars per barrel from 67.90 US dollars per barrel to 116.03 US dollars per barrel (as of March 30, 2026).