"The oil price rose mainly because of protracted political tensions in the Middle East and North Africa, raising market concern about instable oil supplies from the region," the ministry`s oil price team said in a report issued on Tuesday.
In April, world oil prices at the WTI market reached US$110.04 a barrel for Nymex, US$123.09 for Brent (ICE), US$130.29 for Tapis (Platts), and US$117.90 for Basket OPEC.
ICP continued to increase. In July 2010, it stood at US$73.75 a barrel and rose to US$75.97 in August 2011, US$76.76 in September 2010, US$82.26 in October 2010, US$85.07 in November 2010, and US$ 91.37 in December 2010.
It moved up further to US$97.09 a barrel in January 2011, US$103.31 in February 2011, US$113.07 in March 2011, and US$123.36 in April 2011.
In January 2011, ICP was still below US$100 a barrel. However, several of 50 types of crude oil serving as reference for ICP formula already hit a level of US$100 a barrel. They were Geragai which rose to US$100.01, Jambi US$100.01, Kaji US$100.22, Mengoepeh US$100.01, Ramba/Tempino US$100.01 , and Tanjung US$100.01.
In March 2011, Indonesian crude oil of Anoa type reached the highest price of US$117.08 a barrel.
ICP formula uses 50 types of crude oil, with eight of them serving as main reference. They are Minas or sweet light crude (SLC), Arjuna, Attaka, Cinta, Duri, Widuri, Belida, and Senipah Condensate.
The oil price team also noted that the other cause of crude price hike in April was a decline in OPEC production and the US dollar`s depreciation against other currencies. OPEC production fell by up to 1 million barrels in March from a month earlier.
The team said a decline in US commercial oil stocks was also responsible for the global crude price hike. Data from the US Energy Information Administration (EIA) show compared to early April 2011, gasoline stocks fell 11.1 million barrels and distillate fuel stocks dropped 7 million barrels at the end of April 2011.(*)
Editor: Heru Purwanto
Copyright © ANTARA 2011
