TEMPO.CO, Jakarta - The Ministry of Energy and Mineral Resources (ESDM) has set the average price of Indonesia's crude oil, or Indonesian Crude Price (ICP), for June 2025 at US$69.33 per barrel. This price has increased by US$6.58 per barrel compared to the previous month, which was recorded at US$62.75 per barrel.
This decision is stated in Minister of ESDM Decree Number 229.K/MG.03/MEM.M/2025 concerning the Crude Oil Price for June 2025, which was established on July 3, 2025.
The Acting Director General of Oil and Gas at the Energy Ministry, Tri Winarno, stated that the increase in Indonesia's ICP is in line with the upward trend in the prices of major global crude oils. Geopolitical tensions in the Middle East have led to market concerns about global supply disruptions, causing this price surge.
"Tensions involving the United States, Iran, and Israel, as well as the threat of the closure of the Strait of Hormuz by Iran, have created speculation in the market and driven price surges in the futures market," Tri said in a written statement on Thursday, July 10, 2025.
In addition to geopolitical factors, Tri continued, OPEC's report for June also indicates a revision in the increase in global oil demand for the third quarter and the entire year 2025, each by 0.14 million barrels per day.
Demand has also increased in the United States as the driving season has begun. On the other hand, he said, the weakening of the U.S. dollar exchange rate in June has also attracted investors to enter the oil market, thereby increasing demand.
Not only that, Tri stated that the trade agreement between the United States and China, which will significantly reduce import tariffs from May 14 to August 14, 2025, has provided positive sentiment that supports strengthening oil prices.
Meanwhile, in the Asia-Pacific region, the increase in oil prices is also driven by rising demand from China and India, as well as Saudi Aramco's decision to raise its Official Selling Prices (OSP) for oil exports to Asia. "This increase is driven by strong regional refinery margins throughout June 2025," Tri said.
Here is the development of the average prices of major global crude oils in June 2025 compared to May 2025:
- Dated Brent: increased by USD 7.24 to US$71.46/barrel
- WTI (Nymex): increased by US$6.39 to US$67.33/barrel
- Brent (ICE): increased by US$5.79 to US$69.80/barrel
- OPEC Basket: increased by US$6.18 to US$69.80/barrel
- ICP Indonesia: increased by US$6.58 to US$69.33/barrel
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