Govt sets lower oil price assumption in 2016 budget
Friday, September 18 2015 - 02:08 AM WIB
The Ministry of Energy and Mineral Resources and the House of Representatives Commission VII on energy and mining agreed to set a lower Indonesia crude price (ICP) assumption in the 2016 state budget draft as oil price continues to decline.
The ICP in the 2016 state budget is now assumed at US$50 per barrel, lower than the $60-70 per barrel assumption proposed during a previous state budget draft deliberation in June of this year, Bisnis Indonesia reported Friday.
The paper quoted Minister of Energy and Mineral Resources Sudirman Said as stating that the new ICP assumption of $50 per barrel is ?more realistic.? He was speaking following a meeting with the Commission VII Thursday.
The revised 2015 state budget assumed an ICP of $60 per barrel. (*)