{
    "success": true,
    "data": {
        "id": 1604355,
        "msgid": "indonesian-crude-oil-prices-strengthen-in-february-amid-global-market-turbulence-1773212081",
        "date": "2026-03-11 13:19:04",
        "title": "Indonesian Crude Oil Prices Strengthen in February Amid Global Market Turbulence",
        "author": "Gita Amanda",
        "source": "REPUBLIKA",
        "tags": "",
        "topic": "Energy",
        "summary": "Indonesia's crude oil price (ICP) rose to $68.79 per barrel in February 2026, up $4.38 from January's $64.41, driven by geopolitical tensions, reduced global production, and tightening supply-demand fundamentals. The increase reflects broader market pressures including military tensions in the Middle East, attacks on Russian energy facilities, declining OPEC+ output, and rising crude refining activity in Singapore and strategic reserves in China.",
        "content": "<p>The Indonesian government has set the average price of Indonesian\ncrude oil (Indonesian Crude Price\/ICP) for February 2026 at $68.79 USD\nper barrel. This figure rose $4.38 compared to January 2026, which\nrecorded $64.41 USD per barrel.<\/p>\n<p>The ICP determination is contained in a Ministerial Decree of the\nMinistry of Energy and Mineral Resources (ESDM) Number\n115.K\/MG.03\/MEM.M\/2026 regarding the crude oil price for February 2026.\nThe increase in Indonesian oil prices occurred amidst dynamic global\nenergy market conditions, influenced by geopolitical risks and shifts in\nsupply balance.<\/p>\n<p>Laode Sulaiman, Director General of Oil and Gas at the Ministry of\nEnergy and Mineral Resources, explained that the ICP increase was\ntriggered by several factors developing in the international oil market.\n\u201cThe ICP increase in February 2026 was influenced by various factors in\nthe global oil market, including rising geopolitical risks that could\npotentially disrupt world oil supply. Geopolitical tensions triggered\npolicy responses and military activities in strategic regions, including\nmilitary exercises in the Middle East maritime area that could affect\nglobal energy distribution routes,\u201d Laode said in Jakarta, quoted on\nWednesday (11 March 2026).<\/p>\n<p>He detailed that geopolitical developments also shaped sentiment in\nthe international energy market. This condition created concerns about\nthe stability of global oil distribution.<\/p>\n<p>Attacks on several energy facilities in Russia further reinforced\nmarket concerns about potential disruptions to global oil supply. These\nevents added pressure to the balance of the international energy\nmarket.<\/p>\n<p>Laode explained that crude oil price dynamics were influenced not\nonly by geopolitical factors. Changes in global supply conditions also\naffected the movement of crude oil prices.<\/p>\n<p>\u201cReports from the International Energy Agency (IEA) show a decline in\nglobal oil production in early 2026, including reduced production from\nOPEC+ countries. This situation contributed to increasingly tight oil\nsupply balance in the global market,\u201d he said.<\/p>\n<p>Declining US oil product stocks also signalled rising energy\nconsumption. Increased economic activity drove energy demand and also\nboosted oil prices in the international market.<\/p>\n<p>The movement of the oil market in the Asia-Pacific region also\ninfluenced global price dynamics. Oil refining activity in Singapore\nincreased at the end of February 2026.<\/p>\n<p>Singapore\u2019s crude throughput was recorded as rising approximately 1\nper cent monthly to 89 per cent of total capacity of 1.12 million\nbarrels per day. This increase reflected growing refinery activity at\nthe region\u2019s energy trading hub.<\/p>\n<p>Additionally, China was reported to have increased its strategic oil\nreserves to 1 million barrels. This policy also tightened crude oil\nmarket fundamentals from the perspective of supply and demand.<\/p>\n<p>The average movements of major crude oil prices in February 2026\ncompared to January 2026 increased as follows:<\/p>\n<ul>\n<li><p>Indonesian ICP rose $4.38 per barrel from $64.41 to $68.79 per\nbarrel.<\/p><\/li>\n<li><p>Brent (ICE) rose $4.64 per barrel from $64.73 to $69.37 per\nbarrel.<\/p><\/li>\n<li><p>WTI (Nymex) rose $4.26 per barrel from $60.26 to $64.52 per\nbarrel.<\/p><\/li>\n<li><p>Dated Brent rose $4.35 per barrel from $66.80 to $71.15 per\nbarrel.<\/p><\/li>\n<li><p>OPEC Basket rose $5.48 per barrel from $62.31 per barrel (as of\n30 January 2026) to $67.79 per barrel (as of 26 February 2026).<\/p><\/li>\n<\/ul>",
        "url": "https:\/\/jawawa.id\/newsitem\/indonesian-crude-oil-prices-strengthen-in-february-amid-global-market-turbulence-1773212081",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}