Indonesian crude price plunges in January

Jakarta (ANTARA News) - The average Indonesian crude price in January 2015 tumbled US$14.26 per barrel to US$45.30 per barrel from US$59.56 per barrel in December 2014, according to the Indonesian oil price team of the Energy and Mineral Resources Ministry.

The price of Minas/SLC oil also fell US$14.44 per barrel to US$ 45.56 per barrel in January 2015 from US$60 per barrel in December 2014, the directorate general of oil and gas of the ministry said on its official website on Wednesday.

The significant drop in the Indonesia crude price (ICP) has continued since the past few months.

In December 2014, ICP fell US$15.83 per barrel from US$75.39 per barrel the month before.

ICP also tumbled US$8.33 per barrel in November 2014 compared with US$83.72 per barrel in October 2014.

The decline in oil prices has prompted the government to lower fuel prices on January 1 and January 19 this year.

The oil price team attributed the shortfall in global crude prices to increasing oil supplies from OPEC members particularly Iraq which surged 300 thousand barrels per day to four million barrels per day.

According to the International Energy Agency (IEA) publication, oil demand in January 2015 was projected at 93.3 million barrels per day, down 0.01 million barrels per day compared to December 2014.(*)