JAKARTA - The Ministry of Energy and Mineral Resources (ESDM) has set the average price of Indonesian Crude Price (ICP) in May 2025 at the level of 62.75 US dollars per barrel.
This determination is stated in the Decree of the Minister of Energy and Mineral Resources Number 208.K/MG.03/MEM.M/2025 concerning the Price of Crude Oil in May 2025 which was signed on June 10, 2025. This figure decreased by 2.54 US dollars per barrel from the April ICP which was set at US $ 65.29 per barrel.
Acting (Plt.) Director General of Oil and Gas (Migas) Tri Winarno said the decline in the May ICP was in line with the decline in major crude oil prices in the international market, which was caused by the Agreement on the Organization of the Petroleum Exporting Countries + (OPEC +) to increase supply by 410.000 barrels per day. Furthermore, there is information that the potential for OPEC+ will also increase production again in July 2025 to 411,000 barrels per day.
"Another factor that caused a decline in crude oil prices in May 2025 was the United States (US) commercial crude stock at the end of May 2025, which increased by 2.8 million barrels compared to the end of April 2025," Tri explained, Wednesday, June 18.
Meanwhile, for the Asia Pacific region, the decline in crude oil prices, apart from being caused by the above factors, is also influenced by the projected decline in oil demand in the Asia Pacific region which continues to load or delivery period in July as refineries enter a turn around period or temporarily stop operations.
SEE ALSO:
The details of the development of the main crude oil price in May 2025 compared to April 2025 are as follows:
1. Brent dates fell by 3.56 US dollars per barrel from 67.79 US dollars per barrel to 64.22 US dollars per barrel.
2. WTI (Nymex) fell by 2.03 US dollars per barrel from 62.96 US dollars per barrel to 60.94 US dollars per barrel.
3. Brent (ICE) fell by 2.45 US dollars per barrel from 66.46 US dollars per barrel to 64.01 US dollars per barrel.
4. OPEC Basketball fell by 5.34 US dollars per barrel from 68.98 US dollars per barrel to 63.64 US dollars per barrel.
5. On average, Indonesia's crude oil ICP fell by USD 2.54 per barrel from USD 65.29 per barrel to USD 62.75 per barrel.
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