ID :
14890
Mon, 08/04/2008 - 19:58
Auther :
Shortlink :
http://m.oananews.org//node/14890
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ICP REACHES $113.02/BARREL IN JANUARY-JULY PERIOD
Jakarta, Aug 4 (ANTARA) - Indonesia's Crude Price (ICP) averaged US$113.02 a barrel in the January-July 2008 period, the Energy and Mineral Resources Ministry said.
The figure was higher compared to the January-June 2008 period when it was US$109.36 a barrel, the ministry said in a press statement on Monday.
In July, the ICP averaged US$134.96 a barrel, up US$2.6 from a month earlier, it said.
The average ICP stood at US$92.09 a barrel in January, US$94.64 a barrel in February, US$103.11 a barrel in March, US$109.31 a barrel in April and US$124.67 a barrel in May, it said.
The government has set the average ICP at US$95 a barrel in the revised 2008 state budget and proposed US$90-110 a barrel in the draft 2009 state budget.
The rise in the ICP was attributable to a surge in global crude prices particularly in early July, the statement said.
Global crude prices hit another record high of US$147 a barrel on July 11 and fell to US$125 a barrel in recent weeks.
Rising speculations in the global oil market due to the US dollar's fall and geopolitical issues in Iran, Nigeria and Brazil were among others responsible for the global crude price spiral.
The other causes of the surging crude prices were the low growth of global oil stocks particularly in the United States, European Union and Japan which were 80 million barrels lower than the same period last year.
The figure was higher compared to the January-June 2008 period when it was US$109.36 a barrel, the ministry said in a press statement on Monday.
In July, the ICP averaged US$134.96 a barrel, up US$2.6 from a month earlier, it said.
The average ICP stood at US$92.09 a barrel in January, US$94.64 a barrel in February, US$103.11 a barrel in March, US$109.31 a barrel in April and US$124.67 a barrel in May, it said.
The government has set the average ICP at US$95 a barrel in the revised 2008 state budget and proposed US$90-110 a barrel in the draft 2009 state budget.
The rise in the ICP was attributable to a surge in global crude prices particularly in early July, the statement said.
Global crude prices hit another record high of US$147 a barrel on July 11 and fell to US$125 a barrel in recent weeks.
Rising speculations in the global oil market due to the US dollar's fall and geopolitical issues in Iran, Nigeria and Brazil were among others responsible for the global crude price spiral.
The other causes of the surging crude prices were the low growth of global oil stocks particularly in the United States, European Union and Japan which were 80 million barrels lower than the same period last year.
