The ICP fall was the result of worry about global oil oversupply following a statement made by several oil officials in the Middle East, the ministry said in a press release issued on Monday.
The Saudi oil minister said his country would not slash production and would continue to conduct oil and gas exploration despite a price shortfall.
OPEC had no other choice but to keep production at the current level to maintain its market share, the Kuwaiti oil minister said.
In its March 2015 publication, the oil carter projected non-OPEC oil supply in 2015 would increase 0.07 million barrels per day to 57.16 million bpd from 57.09 bpd as projected earlier, leading to the oil price shortfall.
The International Energy Agency (IEA)) projected non-OPEC oil supplies rose 0.27 million bpd to 57.31 million bpd in February.
According to the US Energy Information Administration (EIA), commercial crude and distillate fuel oil stocks in the US rose in March from February.
The oil price team of the ministry noted the other factor of ICP shortfall was the likelihood of comprehensive agreement on the Iranian nuclear programme, allowing western countries to lift sanctions on Iran. As a result, Iran would be able to raise its production by 1 million bpd.
Reported by Kelik Dewanto.