The average of Indonesia Crude Price (ICP) in February 2020 stood at US$56.61 per barrel, lower compared to January 2020 at US$65.38 a barrel. The fall in ICP prices was influenced by the decline in global crude oil demand, which caused a fall in the average price of major crude oil in international markets.

The falling prices were also influenced by slowing economic growth in India. In addition to the spread of the corona virus, the decline in the main crude oil prices on the international market in February 2020 was also caused by negative market sentiment over Russia’ uncertainty about the cartel oil OPEC and its allies plan to carry out additional cuts in crude oil production by 600,000 barrels per day (bpd).