The February 2019 ICP represented a 4.76 percent increase compared to $56.55 per barrel a month earlier, according to data from the Energy and Mineral Resources Ministry on Friday.
In general, the ICP rose due to an increase in the prices of global crude oil, including Dated Brent, WTI (Nymex), Basket OPEC and Brent (ICE).
Dated Brent rose $4.57 from $59.46 to $64.03 per barrel, WTI (Nymex) increased $3.43 to $54.98 per barrel, Basket OPEC jumped from $54.98 to $63.75 per barrel and Brent (ICE) recorded a $4.19 increase to $64.43 per barrel.
The other influencing factor is the high level of compliance among OPEC and non-OPEC members to slash their crude oil production.
According to the OPEC publication in February 2019, global crude supplies in January 2019 fell 1.03 million barrels per day (bpd) to 99.32 million bpd compared to a month earlier. Meanwhile, crude supplies from OPEC members in January fell 797 thousand bpd compared to 30.806 million bpd a month earlier.
In addition, high demand for crude from India and the continued economic stimulus policy in China to boost its economic growth have also led to an increase in global crude prices.
Reporting by Afut Syafril Nursyirwan
Editing by Suharto