Compared to the previous month, that figure reflects a decrease of USD2.54 per barrel from the April ICP which was previously at USD65.29 per barrel. This price drop reflects the impact of various global factors that also influence the energy market.
One of the main factors is the decision by the Organization of the Petroleum Exporting Countries Plus (OPEC+), which agreed to increase global crude oil supply by 410,000 barrels per day. In addition, there is also potential for further supply increases in July 2025, projected to add up to an additional 411,000 barrels per day.
"Furthermore, the increase in commercial crude oil stocks in the United States by 2.8 million barrels by the end of May 2025 compared to the end of April also became a trigger for the price decrease," said Acting Director General of Oil and Gas (Migas), Tri Winarno, in Jakarta on Tuesday (17/6).
From the Asia Pacific perspective, the decrease in crude oil prices is also due to projected decreases in demand in the region. Many refineries in Asia are currently entering turnaround periods, which are temporary shutdowns for maintenance, so oil deliveries for July are expected to decline.
The development of global crude oil prices in May 2025 also showed a decline in various major indices. For example, Dated Brent fell by USD3.56 per barrel to USD64.22 per barrel. Similarly, WTI (Nymex) weakened by USD2.03 per barrel to USD60.94 per barrel.
Meanwhile, Brent (ICE) also fell by USD2.45 per barrel to USD64.01 per barrel. The OPEC Basket even experienced a sharp decline of USD5.34 per barrel to reach USD63.64 per barrel. Overall, the average ICP of Indonesian crude oil was also corrected to USD62.75 per barrel.
With this trend, energy industry players in Indonesia are expected to continue monitoring global market dynamics that could affect the national energy sector moving forward.
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