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Monday, April 4, 2011

Indonesia Crude Price Hits US$113 in March

VIVAnews - Ministry of Energy and Mineral Resources reported that the average Indonesia Crude Price in March 2011 hit US$113.07 per barrel, an increase of US$9.76 per barrel compared to February 2011. In fact, the government has set 2011 ICP price at US$80 per barrel in the State Budget.

World oil prices increase quite significantly due to escalating political conflicts in North Africa and Middle East.

"[Concerns are still around] despite a claim made by Saudi Arabia on oil supply increase in lieu of the lost 1.6 million barrels of oil per day from Libya," an Indonesian team of oil pricing said.

The International Energy Agency in its March report figured that world's oil consumption by 2011 will reach 89.4 million barrels per day, a rise of 1.5 million barrels per day compared to 2010.

In the mean time, the Energy Information Administration (EIA) believed world's oil consumption this year will touch 88.2 million barrels per day.

OPEC on the other hand estimated that world's oil consumption this year will be around 87.8 million barrels per day, adding that China will presumably import 5.2 million barrels per day.

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