There are several factors underlying the ICP, he said at a working meeting with the House of Representatives (DPR) Commission VII here on Tuesday.
"First, global crude oil demand particularly from Organization for Economic Cooperation and Development (OECD) member states will be on the rise," he told the meeting.
Second, the government still sees a downward trend of crude production from non OPEC member states, particularly in North Sea and North America due to declining oil prices, he said.
Third, developed nations will see their crude stocks declining. This indicates that the growth of crude production is in line with the improving economies of the countries, he said.
After all, some lawmakers criticized the estimate of ICP, with Kurtubi of the National Democratic (Nasdem) Party faction proposing the ICD be raised to US$55 per barrel.
Kurtubi believed that global crude prices will continue to increase though the increase will not be drastic. (*)