JAKARTA - The Ministry of Energy and Mineral Resources (ESDM) has set the average price of Indonesian crude oil Crude Price (ICP) in April 2025 at a level of 65.29 US dollars per barrel. This rule is stipulated in the Decree of the Minister of Energy and Mineral Resources Number 176.K/MG.01/MEM.M/2025 concerning the Price of Crude Oil in April 2025 dated May 19, 2025.
This figure is down by 5.82 US dollars per barrel from the March 2025 ICP of 71.11 US dollars per barrel.
Acting (Plt) Director General of Oil and Gas Bumi Tri Winarno said this decline was in line with the decline in global oil prices caused by the trade tariff war between the United States and China.
"In addition to the tariff war between the two countries, the decline in major crude prices in the international market is also due to a decline in economic growth rates reported by the International Monetary Fund (IMF)," Tri said in a statement to the media, quoted on Saturday, May 24.
In a April 2025 report, the IMF revised the world economic growth rate in 2025, from 3.3 percent to 2.8 percent.
Not only that, the decline also occurred at the level of world oil demand, as the latest report by the Organization of the Petroleum Exporting Countries (OPEC) which revised the projected world oil demand in 2025 from last month's publication of 105.2 million bpd to 105.05 million bpd, and 2026 in the previous month of 106.63 million bpd to 106.33 million bpd.
"The highest decline comes from the countries The Organization for Economic Cooperation and Development (OECD), China, and India," he continued.
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While on the supply side, the International Energy Agency (IEA) reported that the world's oil supply rate in March 2025 month of month (MoM) increased by 590,000 bpd to 103.6 million bpd. In addition, there was an increase in US commercial crude stock at the end of April 2025 compared to the end of March 2025, of 3.1 million barrels to 442.9 million barrels.
"Furthermore, for the Asia Pacific region, the decline in crude oil prices, apart from being caused by these factors, was also influenced by the decline in Taiwan's crude run rate by 30,000 bpd at the end of April 2025 to 785,000 bpd or 72 percent of the total refinery capacity," Tri added.
The development of the average price of major crude oil in April 2025 compared to March 2025 is as follows:
Brent' date fell by 4.82 dollars per barrel from 72.60 dollars per barrel to 67.79 dollars per barrel
WTI (Nymex) fell by 4.98 US dollars per barrel from 67.94 US dollars per barrel to 62.96 US dollars per barrel
Brent (ICE) is down USD 5.01 per barrel from USD 71.47 per barrel to USD 66.46 per barrel.
OPEC Basketball fell by 4.76 US dollars per barrel from 74.00 US dollars per barrel to 69.24 US dollars per barrel
On average, Indonesia's crude oil ICP fell by 5.82 dollars per barrel from 71.11 dollars per barrel to 65.29 US dollars per barrel.
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