- AP Photo
VIVAnews - The average Indonesia Crude Price (ICP) based on the estimate made by Formula Indonesia Crude Price reaches US$91.37 per barrel, a rise of US$6.30 per barrel compared to November at US$85.07 per barrel.
The increase in the ICP is in line with the sharpening world oil prices.
Extreme winter as of early December of 2010 in several areas on the northern hemisphere has affected oil consumption mainly heating oil which helps double demand on crude oil. In addition, the decision from an OPEC meeting in December which emphasized quota setup at 24.845 BOPD led to another price rise.
Moreover, some oil market analysts such as International Energy Agency (IEA), Energy Information Administration (EIA) and OPEC reported step-up in world's oil consumption.
The EIA in its December report says world's oil consumption is likely to grow 2 million barrels per day in 2010, almost twice as much as the crude oil demand of non-OPEC countries.
OPEC revises the estimated world oil growth in its December report which rose 1.5 million barrels per day (1.6 percent) to 85.9 million barrels per day compared to 2009.
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Translated by: Bonardo Maulana W
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