February, ICP Indonesia Up to USD114, 86/Barel

JAKARTA - The average price of Indonesian crude (ICP) in February 2013 based on ICP Formula calculation, an increase of $ 3, 79 per barrel. ICP rose from USD111, 07 per barrel to USD114, 86 per barrel.

"While the price of heating oil or SLC, up $ 2, 70 per barrel from USD 115.95 per barrel to $ 118.65 per barrel," said Tim Price of Oil Indonesia was quoted in the official website of the Directorate General of Oil and Gas, Jakarta, Tuesday (5 / 3/2013).
Tim Price explains, Indonesia's crude oil price is in line with the development of a major crude oil prices in international markets, due to several factors.
First, the decline in global crude oil supply, OPEC production has decreased by 0.05 to 0.30 million barrels per day of production compared to the previous month by the publication of the International Energy Agency (IEA), the Organization of Petroleum Exporting Countries (OPEC), the Centre for Global Energy Studies (CGES) and Reuters in February 2013.
While the decline in OPEC production, the production cuts due to Saudi Arabia in the last four months. Then Non-OPEC production has decreased by 0.20 to 0.40 million barrels per day compared to the previous month of production, due to hurricanes and maintenance of production facilities in Australia as well as damage to oil production facilities in the North Sea.
Second, concerns the continuity of oil supplies due to rising political tensions in some areas. Like, the refusal of Iran over its nuclear program continued negotiations. Political instability in the Middle East region, mainly due to a prolonged civil war in Syria and terrorist disruption in Algeria and North Korea's nuclear test.
Third, CGES projected global oil demand rose by 0.10 million barrels per day compared to the previous month or 90.9 million barrels per day in 2013. The increase in demand was driven by improving economies of developing countries like Brazil, India and countries in Southeast Asia, and the increasing growth of service industries and non-manufacturing industries in the U.S..
Sources: http://economy.okezone.com/read/2013/03/05/19/770936/