Indonesia's ICP Oil Price Surges in March 2026, Breaking Through US$102.26 per Barrel

The Ministry of Energy and Mineral Resources (ESDM) has set the average price of Indonesian crude oil (Indonesian Crude Price/ICP) for March 2026 at US$102.26 per barrel. This figure represents a surge compared to February 2026’s US$68.79 per barrel. The determination is outlined in Ministerial Decree No. 149.K/MG.03/MEM.M/2026 on the Indonesian Crude Oil Price for March 2026. Director General of Oil and Gas, Ministry of ESDM, Laode Sulaeman, explained that the ICP surge is inseparable from the intensifying global geopolitical dynamics throughout March 2026. He noted that this significant increase aligns with the sharp upward trend in major world crude oil prices due to various supply disruptions. “The average ICP for March 2026 experienced a significant increase of US$33.47 per barrel compared to February 2026, from US$68.79 per barrel to US$102.26 per barrel. This rise is in line with the sharp increase in major world crude oil prices,” he stated in an official remark on Friday (17/4/2026). The escalation of conflicts involving the United States, Israel, and Iran has become the primary trigger directly impacting the global energy supply. This situation has been exacerbated by disruptions to global distribution routes, including the suspension of shipping through the Strait of Hormuz, which serves as a route for approximately 20% of the world’s oil supply. “The heating geopolitical situation has caused global supply uncertainty, ultimately driving a significant increase in crude oil prices,” Laode added. The conflict has led to several energy production disruptions, ranging from temporary halts in LNG production in Qatar, operational disturbances at refineries in Saudi Arabia, to production declines in Kuwait and Iraq. Several strategic facilities, such as the Basrah port in Iraq and energy terminals in the United Arab Emirates, were even reported to have temporarily ceased operations. “The conflict has also caused several disruptions in energy production and distribution, including temporary halts in LNG production in Qatar, operational disturbances at oil refineries in Saudi Arabia, and production declines in several countries such as Kuwait and Iraq,” he emphasised. In detail, the average price developments of major crude oils in March 2026 compared to February 2026 showed increases as follows: - Average ICP of Indonesian crude oil rose by US$33.47 per barrel from US$68.79 per barrel to US$102.26 per barrel - Brent (ICE) price increased by US$30.23 per barrel from US$69.37 per barrel to US$99.60 per barrel. - WTI (Nymex) rose by US$26.47 per barrel from US$64.52 per barrel to US$91.00 per barrel. - Dated Brent experienced an increase of US$32.73 per barrel from US$71.15 per barrel to US$103.89 per barrel - OPEC Basket rose significantly by US$48.13 per barrel from US$67.90 per barrel to US$116.03 per barrel (as of 30 March 2026).