Down, Indonesia's Crude Oil Price In October Pegged At 63.62 US Dollars Per Barrel

Crude Oil (Photo: Unsplash)

JAKARTA - The Ministry of Energy and Mineral Resources (ESDM) set the price of Indonesia Crude Price (ICP) for October 2025 of 63.62 US dollars per barrel. It is known that the average Indonesian crude oil decreased by 3.19 dollars per barrel from the previous 66.81 US dollars per barrel in September 2025.

The determination of the ICP in October 2025 amounted to 63.62 US dollars per barrel, listed in the Decree of the Minister of Energy and Mineral Resources Number 351.K/MG.01/MEM.M/2025 concerning the Price of Crude Oil in October 2025 dated November 10, 2025.

Director General of Oil and Gas Laode Sulaeman explained that the decline in major crude prices in the international market included the agreement of OPEC+ countries to plan an increase in oil supply for November 2025 by 137,000 barrels per day, amid market concerns over the global oil supply excess.

The decline in geopolitical tensions in the middle east by achieving a ceasefire between Israel and Hamas has lowered market concerns over the smooth supply of oil from the middle east, affecting the decline in crude oil prices, Laode said, Friday, November 21.

Lebih lanjut, Laode menjelaskan terkait pasokan minyak telah dunia, berdasarkan laporan OPEC, produksi minyak telah DoC pada bulan September meningkat sebesar 630.000 barrel per hari dibanding bulan sebelumnya, dengan rata-rata 43,05 juta barrel per hari.

In addition, the IEA reports that global crude oil processing is expected to hit a seasonal low of 81.6 million barrels per day in October, nearly 4 million barrels per day below the processing record level in July. This is due to periodic maintenance of oil refineries, especially in the northern hemisphere.

Another factor that affected the decline in crude oil in October 2025 was the trend of increasing the US dollar exchange rate against the world's main currency in October to also reduce world oil prices, Laode added.

For the Asia Pacific region, the decline in crude oil prices, apart from being caused by these factors, is also influenced by the main producer of oil, Saudi Arabia, which cuts the official selling price of crude oil (OSP) for buyers in Asia.

The move comes amid a weakening demand in the region and a decline in the refinery margin. The price of Arab Light oil for October was cut by 1.40 US dollars per barrel, "Lode explained.

For example, the development of the average price of major crude oil in October 2025 compared to September 2025 decreased as follows:

Brent' date fell by USD 3.27 per barrel from USD 68.02 per barrel to USD 64.75 per barrel.

WTI (Nymex) fell by 3.46 US dollars per barrel from 63.53 US dollars per barrel to 60.07 US dollars per barrel

Brent (ICE) fell by USD 3.63 per barrel from USD 67.58 per barrel to USD 63.95 per barrel.

OPEC basketball fell by 5.25 US dollars per barrel from $70.39 per barrel to $65.14 per barrel.

On average, Indonesia's crude oil ICP fell by USD 3.19 per barrel of USD 66.81 per barrel to USD 63.62 per barrel.