Tender Procurements and Contract Opportunities Indonesia

JAKARTA. The average price of Indonesian crude oil during the month of May 2010 based on the calculation formula ICP to reach U.S. $ 77.02 per barrel, down U.S. $ 8.52 per barrel from the previous month which reached U.S. $ 85.54 per barrel.

While the price of Minas / SLC reached U.S. $ 80.67 per barrel, down U.S. $ 8.49 per barrel from the previous month which reached U.S. $ 89.16 per barrel.

According to Tim Price of Oil Indonesia, Indonesian crude oil price decline was in line with the falling prices of crude oil in international markets, caused by several factors, namely the weakening of the Euro against the U.S. dollar and weakening global equity markets caused by investor fears of debt crisis Greece and the weakening economy a number of other European countries, like Spain, Portugal and Italy, which could disrupt global economic recovery.

In addition, the report Energy Information Administration (EIA) says that an increase in U.S. commercial crude oil stocks by 4.5 million barrels to 365.1 million barrels and the report of the Department of Labor and U.S. Department of Commerce that there was an increase in unemployment in the U.S. for 5, 6% and a decrease in U.S. consumer spending.

Another factor is the global market, continued to decline in the level of compliance of OPEC members towards an agreement for production cuts to 54% from previous 55%. This is reflected by an increase in production of 1.95 million barrels per day, on a production quota of 24.845 million barrels per day. Increased production mainly from Angola and Nigeria as well as increased non-OPEC production from a number of new fields in Russia and the U.S. Gulf region.

Report International Energy Agency (IEA) month period in May 2010 that global oil demand estimate for 2010 fell by 0.2 million barrels per day from a previous forecast to 86.4 million barrels per day.

For the Asia Pacific region, the decline in crude oil prices not only caused by these factors and also due to the decrease in the level of consumption of crude and fuel oil for Tokyo Electric Power Co. 70.3% compared to last year's consumption as well as a number of refinery shutdowns for maintenance of Japanese namely periodic Kashima refinery of 210 000 barrels per day refinery Kubiki of 4724 barrels per day and Nippon Oil Corp. refinery at 160 000 barrels per day.

Learn the average price of crude oil in international markets in May, compared with April, as follows:

   1. WTI (Mercantile) fell to U.S. $ 10.46 per barrel from U.S. $ 84.58 per barrel to U.S. $ 74.12 per   
       barrel.
   2. Brent (ICE) fell U.S. $ 8.64 per barrel from U.S. $ 85.75 per barrel to U.S. $ 77.12 per barrel.
   3. Filters (Platts) fell U.S. $ 8.52 per barrel from U.S. $ 87.40 per barrel to U.S. $ 78.88 per barrel.
   4. OPEC basket fell U.S. $ 7.72 per barrel from U.S. $ 82.33 per barrel to U.S. $ 74.61 per barrel.


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