REPUBLIKA.CO.ID, JAKARTA -- Indonesian Oil Price Team of Energy and Mineral Resources Ministry noted, the average price of Indonesian crude price (ICP) in November 2015 fell by 2.24 US dollars per barrel, compared to October 2015.

Directorate General of Oil and Gas Ministry of Energy and Mineral Resources, Friday (4/12), stated based on a formula, ICP in November 2015 reached 41.44 US dollars per barrel, while in October 2015 reached 43.68 US dollars per barrel.

The team revealed, a decrease of ICP was due to publication of International Energy Agency (IEA) who said commercial crude oil stockpiles of OECD countries increased by 13.8 million barrels.

In addition, as reported by Energy Information Administration (EIA), the United States (US) crude oil production increased compared to October with an average of 57 thousand barrels per day to 9.173 million barrels per day in November.

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Other factors, based on publication of IEA, world refinery activity declined by 1.2 million barrels per day to 78.2 million barrels per day and there was an increase in crude stocks, gasoline and distillates in the US.

For the Asia Pacific region, the decline in crude oil prices were also affected by decrease in refinery utilization in Taiwan, decline in demand for Japanese power plants, and decline in China's imports of crude oil products.

Development of the average price of crude oil in the main international markets in November 2015 compared to October 2015 was WTI (NYMEX) fell by 3.37 US dollars per barrel from 46.29 US dollars per barrel to 42.92 US dollars per barrel.

Then, Brent (ICE) dropped by 3.36 US dollars a barrel from 49.29 US dollars per barrel to 45.93 US dollars per barrel and OPEC basket fell by 4.4 US dollars per barrel from 45.09 US dollars per barrel to 40.62 US dollars per barrel.

Earlier, in October 2015, ICP edged up by 0.55 US dollars per barrel compared to September 2015 in the position of 43.13 US dollars per barrel. Then, ICP in September 2015 increased slightly by 0.31 US dollars per barrel compared to August 2015 amounted to 42, 81 US dollars per barrel.

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