Indonesian Crude Oil Price Drops to 62.83 US Dollars Per Barrel

Illustration. (Photo: Dok. Antara)

JAKARTA - The Ministry of Energy and Mineral Resources (ESDM) has set the average price of Indonesian crude oil in November 2025 to 62.83 US dollars per barrel.

This price has decreased by 0.80 US dollars from the previous one which was set at 63.62 US dollars per barrel in October 2025.

Director General of Oil and Gas Laode Sulaeman explained that the decline in the main crude oil prices in the international market was caused by the increase in the exchange rate of the US Dollar against the world's major currencies.

The determination of the ICP for November 2025 at 62.83 US dollars per barrel is listed in the Decree of the Minister of Energy and Mineral Resources Number 416.K/MG.03/MEM.M/2025 concerning the Crude Oil Price for November 2025, this decision was determined on December 10, 2025.

"The impact of the increase in the US dollar exchange rate, caused investors to shift investments to the money market," said Laode, Wednesday, December 17.

Furthermore, Laode explained that the decline in ICP in November was due to concerns about excess global crude oil supply, including the OPEC+ agreement which plans to increase the December 2025 supply by 137 thousand barrels per day.

Based on the OPEC report in November 2025, Non-OPEC+ crude oil production is expected to increase by around 900,000 barrels per day in 2025 to an average of 54.1 million barrels per day.

Meanwhile, production growth is expected to come from Brazil, Canada, the US, and Argentina. OPEC+ crude oil production in October 2025 averaged 43.02 million barrels per day.

The International Energy Agency (IEA) reported in a November 2025 publication that global oil inventories jumped by 77.7 million barrels or 2.6 million barrels per day (from the previous month's publication of 7.909 million barrels), reaching the highest level since July 2021.

World oil supplies are projected to increase by 3.1 million barrels per day by 2025 with an annual average of 106.3 million barrels per day.

"Another factor that affects the decline in ICP is the potential for a ceasefire between Russia and Ukraine which is seen as being able to ease sanctions against Russia and increase crude oil supplies, as well as lowering world crude oil prices," said Laode.

In addition to these factors, Laode continued, changes in crude oil prices are also influenced by the factor of declining prices. Saudi Arabia lowered its crude oil prices for Asian buyers in December 2025 by an average of 1.20 to 1.40 US dollars per barrel, in connection with the fulfillment of market needs as OPEC+ production increases.

Furthermore, the development of the average price of major crude oil in November 2025 compared to October 2025 experienced a decrease as follows:

• Dated Brent fell by 1.10 dollars per barrel from 64.75 dollars per barrel to 63.65 dollars per barrel • WTI (Nymex) fell by 0.59 dollars per barrel from 60.07 dollars per barrel to 59.48 dollars per barrel • Brent (ICE) fell by 0.29 dollars per barrel from 63.95 dollars per barrel to 63.66 dollars per barrel • OPEC basket fell by 0.67 dollars per barrel from 65.14 dollars per barrel to 64.47 dollars per barrel • Indonesia's ICP crude oil average fell by 0.80 dollars per barrel from 63.62 dollars per barrel to 62.83 dollars per barrel