Saturday, March 3, 2012

Crude Oil Prices Predicted RI Translucent U.S. $ 121

Jakarta - The Ministry of Energy and Mineral Resources estimates that the average price of crude oil Indonesia (Indonesian crude price / ICP) in February to break the U.S. $ 121 per barrel.

This was conveyed by Minister of Energy and Mineral Resources, Jero Wacik on a meeting with House Commission VII member in the Parliament Building, Jakarta, Tuesday (02/28/2012). "Toward the close the day in February, we expect the ICP to reach U.S. $ 121 per barrel," said Wacik.

It was given the world oil price tends to rise. Whereas in accordance with the Budget 2012, ICP was set at U.S. $ 90 per barrel. According to ICP Wacik figures include a high rate in recent years.

Meanwhile, Coordinating Minister for Economy, Hatta Rajasa ICP estimate assumptions in the state budget would reach around U.S. $ 105-100 per barrel. World economic conditions that have not been recovered as well as geo-political conditions between Iran and Western countries are not major factor in world oil price volatility.

"It might be an average of U.S. $ 105-100 per barrel until the end of the year, but we shall examine first," said Hatta.

ICP is the average price of Indonesian crude oil in international market which is used as an indicator for the calculation of oil. ICP is a base price of crude oil used in the state budget. ICP is set each month and evaluated every semester. [krz]