ICP price rose to $46.95 per barrel in March
Thursday, April 2 2009 - 03:34 AM WIB
The Indonesian basket oil price, known as Indonesian Crude Price (ICP), rose US$46.95 per barrel in March, up $3.85 from $43.10 in February.
The price of benchmark crude Minas/SLC averaged $48.51 per barrel in March, up from $44.7 in February, according to the Ministry of Energy and Mineral Resources.
The increase was in line with the recovery of crude on the international market as a consequence of the decrease in the OPEC output and the decrease in the US gasoline stock, which is an indication of the rise in consumption.
Another factor behind the rise in crude price also in the Asia-Pacific region is the rise in demand from Japanese electricity firms Tohoku and TEPCO following the shutdown of their nuclear power plants for regular overhaul. (Denny)