Indonesia's Crude Oil Price Rises by US$4.38 per Barrel in February 2026
Jakarta — The Ministry of Energy and Mineral Resources (ESDM) has set Indonesia’s crude oil price (Indonesian Crude Price/ICP) for February 2026 at US$68.79 per barrel, representing an increase of US$4.38 per barrel from the previous month’s price of US$64.41 per barrel. This determination is outlined in the ministerial decision numbered 115.K/MG.03/MEM.M/2026 regarding crude oil prices for February 2026.
Director General of Oil and Gas Laode Sulaiman explained that the ICP increase was influenced by several factors developing in the global oil market, including geopolitical tensions in the Middle East region.
“The ICP increase in February 2026 was influenced by various factors occurring in the global oil market, including increased geopolitical risks that could potentially disrupt global oil supply. This geopolitical tension triggered various policy responses, military activities in strategic regions, including military exercises in Middle East waters that could affect global energy distribution routes,” Sulaiman stated in a written statement on Wednesday, 11 March 2026.
Additionally, attacks on several energy facilities in Russia also boosted market sentiment regarding potential disruptions to global oil supply. Beyond geopolitical factors, oil price movements were also influenced by global oil supply conditions.
“The International Energy Agency (IEA) report shows a decline in global oil production in early 2026, including reduced production from OPEC+ countries. These conditions contributed to increasingly tight oil supply balance in the global market,” he added.
Furthermore, he noted that another factor influencing crude oil price increases was declining US petroleum product inventories. This condition reflects increased energy consumption and high economic activity.
In the Asia-Pacific region, oil price movements were also influenced by increasing crude oil refining activities in Singapore. Singapore’s crude throughput was recorded as rising 1 per cent month-on-month (mom) at the end of February 2026 to 89 per cent of total capacity of 1.12 million barrels per day (bpd).
Additionally, China increased its strategic oil reserves by 1 million barrels, further tightening crude oil market fundamentals from the supply and demand perspective.
The average crude oil price movements of major crude oils in February 2026 compared with January 2026 showed the following increases:
Indonesia’s average ICP crude oil rose by US$4.38/bbl from US$64.41/bbl to US$68.79/bbl
Brent (ICE) rose by US$4.64/bbl from US$64.73/bbl to US$69.37/bbl
WTI (Nymex) rose by US$4.26/bbl from US$60.26/bbl to US$64.52/bbl
Dated Brent rose by US$4.35/bbl from US$66.80/bbl to US$71.15/bbl
OPEC Basket rose by US$5.48/bbl from US$62.31/bbl (as of 30 January 2026) to US$67.79/bbl (as of 26 February 2026)