JAKARTA (Yosefardi) – Average price of Indonesian crude oil in November, 2013 was US$104.69 per barrel, lower than US$106.39 in previous month.
The decline was in line with lower crude oil price in international market along with IMF’s decision to revise down global economic growth to 2.9% from initial projection of 3.2%.
Other factor were the increase projection on crude oil production by 1.18 million barrels per day this year from  countries which are out of OPEC members, higher oil inventory in United States last month amounting 7.6 million barrels, the peak of crude oil stock in Europe and the suspension of sanction for oil exports from Iraq.
ICP reached its low at US$99.01 per barrel in July this year and reached its high at US$114.86 in February.