Senin 03 Jun 2013 21:08 WIB

Indonesia not affected yet by OPEC’s oil quota

Rep: Aldian Wahyu Ramadhan/Mutia Ramadhani/ Red: Yeyen Rostiyani
Oil barrels (illustration)
Foto: thecrosshairstrader.com
Oil barrels (illustration)

REPUBLIKA.CO.ID, JAKARTA - OPEC decided to maintain its oil production at 30 million barrels per day. The policy is predicted to slide the oil price, including the Indonesian Crude Price (ICP), in the next few days. 

However, Indonesian government decided not to change its short term policy.  "The impact of the price decrease will not last long. Soon, the price will go back to normal and rise," former Indonesian Governor to OPEC, Maizar Rahman on Monday.

Market expects that if OPEC cuts oil production then the measure will boost the oil prices. But, world oil price is not only determined by supply and demand, but also depends on the world geopolitics. Hence, the decline is not significant for Indonesia so state budget revision is not necessary.

World oil price fell sharply last week. Crude of West Texas Intermediate (WTI) light sweet for July delivery fell 1.64 USD per barrel at 91.97 USD per barrel. It was below the level of 92 USD per barrel for the first time since early May 2013. In London, Brent North Sea for July delivery fell 1.80 USD at 100.39 per barrel. 

 

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