Indonesian crude price drops by 4.2 USD per barrel in September
Source: Xinhua | 2020-10-08
The Indonesian crude price (ICP) decreased by 4.2 U.S. dollars per barrel in September to 37.43 dollars from 41.63 dollars per barrel in August, an official said.
The decline was likely due to the disruptions by the COVID-19 pandemic, Energy and Mineral Resources Ministry's spokesman Agung Pribadi said in a statement here on Wednesday.
According to him, growing COVID-19 cases worldwide have made market players recalculate the global oil demands.
"The spreads of the coronavirus within a month have given a domino effect to the demands and prices (of crude oil) in the international market," Pribadi said.
Besides the COVID-19 spreads, the measure taken by the OPEC+ (Organization of the Petroleum Exporting Countries+) against countries which failed to obey a policy on production cut, and a plan to hold an extraordinary meeting in October have given negative sentiments to the ICP in September.
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