WPB: news has arrived from the Ministry of Energy and Mineral Resources (ESDM), which has set Indonesia’s Crude Price (ICP) for January 2025 at USD 76.81 per barrel.
This figure marks an increase of USD 5.20 per barrel from December 2024’s ICP, which was set at USD 71.61. The ICP for January 2025 was determined on February 12, 2025.
“The increase in the January 2025 ICP aligns with the rising prices of major crude oils in the international market, influenced by market optimism following China’s announcement of plans to further lower interest rates and introduce additional fiscal stimulus to boost economic growth,” said Muhammad Rizwi JH, Acting Head of the Bureau of Communication, Public Information Services, and Cooperation (KLIK), on (Feb 14).
OPEC Projects global crude oil demand in 2025 to grow by 1.45 million barrels, reaching 105.2 million barrels, compared to the demand in 2024. This increase is largely driven by China’s rising crude oil consumption, transportation fuel needs, and higher margins in petrochemical refining.
Another factor contributing to this trend is the extreme winter weather and freezing temperatures in the Northern Hemisphere, which have boosted the demand for heating fuel and could impact upstream oil and gas production.
“Additionally, market concerns over the tightening of global crude oil supply and demand—due to broader sanctions on Russian and Iranian crude oil, along with further sanctions from the US and Europe on tankers transporting Russian crude—have also contributed to the rise in global oil prices,” Rizwi explained.
By WPB
Crude, Bitumen, Oil
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