Indonesia crude oil price soars to U.S. $ 117.15 per barrel

Wednesday, August 03, 2011

Indonesia crude oilDuring July 2011, the average of Indonesia Crude Oil Price / ICP has reached U.S. $ 117.15 per barrel, up U.S. $ 3.33 per barrel from the previous month. Meanwhile, the price of foreign oil (sweet light crude/SLC) reached U.S. $ 119.03 per barrel, up U.S. $ 3.71 per barrel from U.S. $ 115.32 per barrel in the previous month.

According to the Indonesian oil price team, ICP increased in line with the development of a major crude oil prices in international markets due to several factors, such as the approval of the bailout package to deal with Greece debt issues by European leaders, amounting to 159 billion euros. It was measured enhances market confidence over the world economy improvement projects that could push world oil demand.

In a report on last July, the International Energy Agency/IEA estimates that world oil demand in 2011 will rise 0.2 million barrels per day to 89.5 barrels per day which sustained by a strong economic growth in the world especially the U.S. and Japan, and anticipation of the increase in oil consumption during the summer and winter.

While Central for Global Energy Studies/CGES estimates global oil demand in 2011 will increase by 0.9 million barrels per day or 1% to 88.8 million barrels per day as a result of non-OECD countries' oil consumption increased.

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