Indonesia's Crude Oil Price Rises Sharply
The government has set the average price of Indonesia’s crude oil, or Indonesian Crude Price (ICP), for April 2026 at USD 117.31 per barrel. This figure is up by USD 15.05 compared with March 2026, which stood at USD 102.26 per barrel.
The determination is laid out in Minister of Energy and Mineral Resources Decree No. 203.K/MG.03/MEM.M/2026 concerning the April 2026 Crude Oil Price. The Director General of Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM), Laode Sulaeman, explained that the rise in oil prices was triggered by heightened geopolitical tensions in the Middle East region.
‘The increase in crude oil prices in April 2026 was influenced by the ongoing escalation of geopolitical conflict, which raises the risk of disruptions to global oil supply, particularly related to the Middle East and the Strait of Hormuz,’ Laode said in Jakarta, quoted on Tuesday (19/5/2026).
Laode explained that developments throughout April 2026 have also put pressure on the global oil market, ranging from unrest in the Strait of Hormuz, the blockade of Iranian ports by the United States, to attacks on energy infrastructure in the Middle East region.
These conditions have heightened market concerns about global energy supply stability. On the other hand, China’s economy grew 5 percent year-on-year in Q1 2026, which also conveyed a positive signal for world oil demand.
Laode added that global oil prices still face potential pressures from geopolitical dynamics. However, there are several factors expected to moderate price increases.
Those factors include the projection of a 5 million barrels per day year-on-year decline in global oil demand in Q2 2026 and the possibility of reopening a path for peace diplomacy between Iran and the United States.
‘The government will continue to monitor developments in the global oil market closely to safeguard national energy resilience and ensure domestic energy supply stability,’ Laode said.
In detail, the changes in average prices of major crude oils in April 2026 compared with March 2026 are as follows: ICP rose USD 15.05 per barrel from USD 102.26 to USD 117.31 per barrel. Brent (ICE) rose USD 2.86 to USD 102.46 per barrel from USD 99.60.
Then WTI (Nymex) increased USD 7.06 from USD 91.00 to USD 98.06 per barrel. Dated Brent surged USD 16.66 from USD 103.89 to USD 120.55 per barrel. Meanwhile the OPEC Basket fell USD 7.81 from USD 116.36 to USD 108.55 per barrel as of 29 April 2026.