Indonesian crude price (ICP) in March 2017 stood at US$48.71 per barrel, lower than previous month (US$52.50). ICP SLC also declined to US$49.62 per barrel from US$53.36. The decline followed Brent and WTI Nymex, also OPEC basket alongwith the growing world oil production in February 2017 (adding 0.26 million barrels per day (bpd), to total 96.52 million bpd. OPEC also revised projections for oil production by non-OPEC member for first and quarter of 2017, to 57.8 million bpd and 57.26 million bpd respectively.
