JAKARTA (TheInsiderStories) - The average of Indonesian Crude Price (ICP) in March 2016 which is calculated based on certain formula rose to US$34.19 per barrel from $28.92 per barrel in February 2016.
The price of Minas/SLC reached $33.82 per barrel, increased from $28.66 per barrel in the previous month. The increase in the price of crude oil Indonesia, in line with the recovery of major crude oil prices in the international market, driven by by several factors such as lower crude oil production and supply in the month.
Based on OPEC publication in March 2016, the world crude oil supply declined by 0.21 million barrels per day (bpd) to 95.73 million bpd.
The International Energy Agency (IEA) data in March 2016 also showed a decline in the supply of crude oil from OPEC countries by 90,000 barrels per day to 32.61 million bpd, driven by a decrease in production by Iraq, Nigeria and the United Arab Emirates.
Qatar’s oil minister said that oil producers from both OPEC and non-OPEC countries will meet in Doha on April 17 to discuss production levels containment plan. The 15 countries of OPEC and Non-OPEC control 73 percent of the world’s crude oil supply.
Based on the EIA (Energy Information Administration), there is a decrease in stock in the United States in the third week of March 2016 compared to the end of the month of February 2016. Gasoline stocks fell by 9.9 million barrels and distillates stocks fell by 1.3 million barrels.
Based Baker Hughes report in March that the world rigs in February 2016 decreased by 200 rigs to 1695 rigs from January.
Following is the average price of crude oil on the international market in March 2016 compared to previous months:
- WTI (NYMEX) rose by US $ 7.37 per barrel from US$30.62 per barrel in February to US $ 37.99 per barrel in March.
- Brent (ICE) rose by US $ 6.26 per barrel from US$33.53 per barrel to US $ 39.79 per barrel.
- OPEC basket rose by US $ 5.92 per barrel from US$28.72 per barrel to US $ 34.64 per barrel.
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