The Ministry of Energy and Mineral Resources (ESDM) recorded the Indonesian Crude Price (ICP) in September 2019 increased 6.2% to US$60.84 per barrel from US$57.27 per barrel in previous month. The increase was caused by plan of OPEC and non-OPEC member countries to extend the production cut ahead of OPEC general meeting in December 2019.
A similar increase occurred in Indonesia’s crude oil types of Sumatra Light Crude (SLC) which rose to US$61.06 per barrel from US$57.97. The weekly report of Energy Information Administration (EIA) also said the US oil inventory declined by end of September. Other factor is the persistent trade tension between US and China.