Indonesia's Crude Oil Price Rises to USD 117.31 per Barrel
The Ministry of Energy and Mineral Resources (ESDM) set the average price of Indonesia’s crude oil, or Indonesian Crude Price (ICP), for April 2026 at USD 117.31 per barrel. The price rose by USD 15.05 compared with March 2026, which stood at USD 102.26 per barrel.
‘The rise in crude oil prices in April 2026 was influenced by the ongoing escalation of geopolitical conflict that raises the risk of global oil supply disruptions, particularly related to conditions in the Middle East and the Hormuz Strait,’ said Laode Sulaeman, Director General of Oil and Gas at the Ministry of ESDM, as cited by Antara on Tuesday, 19 May 2026.
The determination was formalised in Ministerial Regulation ESDM Number 203.K/MG.03/MEM.M/2026 concerning the Price of Crude Oil for April 2026.
According to Laode, developments throughout April 2026 also pressured global oil markets. Developments included tensions in the Hormuz Strait, the blockade of Iranian ports by the United States, and attacks on energy infrastructure in the Middle East.
These conditions increased concerns about global energy supply stability. In addition to geopolitical factors, China’s economy growth in Q1 2026, at 5 per cent year-on-year, also provided a positive sentiment for global oil demand.
Laode added that despite the potential for further pressure on world oil prices from global geopolitical conditions, there are several factors that could restrain price increases. These include an expected 5 million barrels per day year-on-year drop in global oil demand in Q2 2026 and the possible reopening of diplomatic channels between Iran and the United States.
‘The government will continue to monitor developments in the global oil market carefully to safeguard national energy resilience and ensure domestic energy supply stability,’ Laode said.
In detail, the price movements of major crude oils in April 2026 versus March 2026 are as follows:
Indonesia’s ICP rose by USD 15.05, from USD 102.26 to USD 117.31 per barrel.
Brent (ICE) rose by USD 2.86, from USD 99.60 to USD 102.46 per barrel.
WTI (Nymex) rose by USD 7.06, from USD 91.00 to USD 98.06 per barrel;
Dated Brent rose by USD 16.66, from USD 103.89 to USD 120.55 per barrel.
OPEC Basket fell by USD 7.81, from USD 116.36 to USD 108.55 per barrel (as of 29 April 2026).