Indonesia’s Crude Oil Price to Increase: Official

Indonesia’s crude oil price to increase: official

JAKARTA, Aug. 22 (Xinhua) — Indonesian crude oil price will rise to a range of 50 to 55 US dollars per barrel by year end, due to winter and a prolonged summer season, a minister predicted here Monday.

“(We predict) Indonesia’s crude oil price hovered between 50 to 55 US dollars per barrel. We see by the end of this year, the crude oil price will increase, “said Purnomo Yusgiantoro, minister of Energy and Mineral Resources.

However, the minister said that the price would decrease next year to between 40 to 45 US dollars per barrel due to the slowdown in the global economy.

“Now the global economic growth begins to slow, that affect on the growth of oil consumption. Next year there will be only 1.5 million barrels per day oil consumption, that would be supplied by non-OPEC (countries),” he said.

He also added that the number of oil refineries, that have been hampered in production now, would start to drop next year, and supply and demand would also affect the value of Indonesian crude price.