| ICP February 2011 Reach U.S. $ 103.31 |
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| Friday, 04 March 2011 00:00 | |||||||
Page 1 of 2 JAKARTA. Tim Price of Oil Indonesia reported, the average price of Indonesian crude oil in February 2011 based on the calculation formula of ICP to reach U.S. $ 103.31 per barrel, up U.S. $ 6.22 per barrel compared to January 2011 which reached U.S. $ 97.09 per barrel . While the price of Minas / SLC reached U.S. $ 104.97 per barrel, up $ 5.15 per barrel from U.S. $ 99.82 in the previous month.
Increasing the price of Indonesian crude oil, according to Tim Price of Oil Indonesia, in line with the development of the main crude oil prices in international markets, caused by several factors, political upheavals in the Middle East and North Africa such as Egypt, Algeria, Yemen, Bahrain and Libya, have been raising concerns hamper the supply of crude oil and declining production. Libya as a supplier of crude oil production level of 1.6 million barrels per day or about 1.8% of world crude oil supply, is estimated to have lost its production by 0,5-1 million barrels per day. Other causes, assess the OPEC price increases not due to market fundamentals but speculative response of unrest in the Middle East and Africa. Several OPEC member governments need increased revenues quickly to provide social protection and security, face the possibility of political upheaval in the region so that suggests oil prices remain high throughout can still be absorbed by the market. "Winter is prolonged in some northern hemisphere regions such as Europe, USA and Canada, have an impact on increasing consumption of oil products, especially fuel oil which is indicated by the decline in U.S. fuel oil stocks by 4.2 million barrels compared to the previous month," added Tim Indonesian Oil Prices. The increase in world oil prices was also caused by rising global crude oil demand forecast based on several sources. International Energy Agency (IEA) and Energy Information Administration (EIA) in the month of February 2011 report estimates that global oil consumption is an average of 1.5 million barrels per day in 2011, which is supported by the consumption of non-OECD countries, especially China, Brazil and Eastern Central and consumption growth in OECD countries of North America. In addition, the OPEC in the month of February 2011 report estimates that global oil demand growth in 2011 at 1.4 million barrels per day. Mainly supported by increased manufacturing activity in the U.S. and China are caused by the stimulus and the economic incentives provided by government. For the Asia Pacific region, the increase in crude oil prices are also influenced by the still high demand for crude from China that reached 10.4 million barrels per day and increased demand for gasoline and gasoil in India. Learn the average price of crude oil major in international markets in February 2011 compared to the previous month, as follows:
Source: Directorate General of Oil and Gas
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