JAKARTA (Yosefardi) – Average price of Indonesian crude oil (ICP) in November 2015 was US$41.44 per barrel, declined from US$43.68 in previous month.
The decline was in line with declining crude oil price in international market due to expectation of commercial crude oil supply of OECD countries at 13.8 million barrels, higher crude oil production in United States, and lower activities of oil refineries.
In Asia region, the oil price decline are caused by lower utilization of oil refinery in Taiwan, lower energy demand from Japan, and lower import of crude oil products from China.