Jakarta, CNBC Indonesia – Indonesian Crude Price (ICP) in July 2020 rose 10.8% or US $ 3.96 per barrel compared to ICP in June at US $ 36.68 per barrel. The increase in ICP is the impact of a positive market response to the development of the Covid-19 vaccine.
ICP of July 2020 was stipulated in the Minister of Energy and Mineral Resources No. 147 K / 12 / MEM / 2020 signed by the Minister of Energy and Mineral Resources Arifin Tasrif on August 5, 2020. ICP SLC increased to US $ 42.23 per barrel, an increase of US $ 3.19 per barrel from US $ 39.04 per barrel in June 2020.
The recovery of economic activity in several countries due to lockdown easing and the economic stimulus in Europe also pushed up oil prices.
“The IEA (International Energy Agency), through its July 2020 report, said that global crude oil supply in June 2020 dropped by 2.4 million bopd to 86.9 million bopd, the lowest level in the last nine years. the OPEC + compliance rate of 108% and the decline in production from the US and Canada, “said the Indonesian Oil Price Team.
OPEC through the July 2020 report, conveyed several things, including, first, the projected global crude oil demand for 2020 is 90.72 million bopd, up 0.13 million bopd compared to the previous month’s projection.
Second, projected non-OPEC crude oil production in 2020 of 61.80 million bopd, down 0.04 million bopd compared to the previous month’s projection. Third, OPEC crude oil production in June 2020 decreased by 1.89 million bopd to 22.27 million bopd compared to the previous month’s production.
The Energy Information Administration (EIA) reports a decline in US crude and gasoline stockpiles in July 2020 compared to June 2020. US crude oil stockpiles fell by 7.5 million barrels to 526 million barrels. The stock of US gasoline products fell by 9.1 million barrels to 247.4 million barrels.
“The start of the driving season in the US and the start of the recovery of domestic flights in several countries thus increasing demand for crude oil products,” explained the Price Team.
As for the Asia-Pacific region, rising crude oil prices were also affected by rising levels of factory processing in China and South Korea.
The complete development of the average price of major crude oil in the international market in July 2020 compared to June 2020, as follows:
– Dated Brent rose by US $ 3.28 per barrel from US $ 40.07 per barrel to US $ 43.35 per barrel.
– WTI (Nymex) increased by US $ 2.46 per barrel from US $ v38.31 per barrel to US $ 40.77 per barrel.
– OPEC basket increased by US $ 6.41 per barrel from US $ 37.05 per barrel to US $ 43.46 per barrel.
– Brent (ICE) rose by US $ 2.45 per barrel from US $ 40.77 per barrel to US $ 43.22 per barrel.