TEMPO.CO, Jakarta - The average price of crude oil in Indonesia or Indonesia Crude Price (ICP) in April 2025 decreased to 65.29 United States dollars per barrel. The average price of crude oil in Indonesia in April 2025 was determined in the Minister of Energy and Mineral Resources Decree Number 176.K/MG.01/MEM.M/2025 on May 19, 2025.
The decrease in the price of Indonesian crude oil was triggered by the weakening of world crude oil prices due to the increasing tension of trade war between the United States and China. The Acting Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Tri Winarno, stated that the pressure on oil prices is also influenced by the cut in the global economic growth projection by the International Monetary Fund (IMF). In a report released in April 2025, the IMF lowered the world economic growth forecast from 3.3 percent to 2.8 percent.
The decrease in the price of crude oil was also caused by the projection of the Organization of the Petroleum Exporting Countries (OPEC) which estimated a decrease in the projection of global oil demand. In 2025, the demand is expected to decrease from 105.2 million barrels per day (bpd) to 105.05 million bpd. Meanwhile, in 2026, the projection of crude oil demand was revised down from 106.63 million bpd to 106.33 million bpd.
The largest decrease in demand comes from OECD member countries, as well as China and India. "This decrease shows real pressure on the global oil market, especially from the demand side," Tri said as quoted from a written statement on Sunday, May 25, 2025.
Previously, the price of Indonesian crude oil for March 2025 was also set at the level of USD 71.11 per barrel. This value experienced a decrease of USD 3.18 compared to the previous month which was recorded at USD 74.29 per barrel.
The Acting Head of the Bureau of Communication, Public Information Services, and Cooperation of the Ministry of Energy and Mineral Resources, Chrisnawan Anditya, explained that the decrease in ICP in March 2025 reflects the trend of declining oil prices in the global market.
Nandito Putra contributed to the writing of this article.
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