Jakarta (Indonesia Window) – The average price of the Indonesian Crude Price (ICP) in January 2021 was heading to the level of 53.17 U.S. dollars per barrel.

It follows the agreement of the Organization of the Petroleum Exporting Countries (OPEC) + which will cut production by 7.2 million barrels per day until March 2021.

The ICP in January 2021 increased by 5.39 U.S. dollars per barrel from 47.78 U.S. dollars per barrel in December 2020.

"The ICP movement is strongly influenced by the availability of world oil," Indonesian Oil and Mineral Resources Ministry’s spokesman Agung Pribadi said in a written statement here on Thursday (Feb. 4).

According to him, OPEC’s compliance over the agreement on production cuts in January 2021 reached an average of 85 percent, higher than that in December 2020 of 75 percent.

The agreement is in line with Saudi Arabia's commitment to voluntarily increasing its production cuts by 1 million barrels in February and March 2021 as part of the OPEC+ Supply Agreement.

The development of world oil prices in international markets is as follows.

Dated Brent’s increase by 4.98 U.S. dollars per barrel from 49.86 U.S. dollars per barrel to 54.84 U.S. dollars per barrel.

WTI (Nymex)’s increase by 5.03 U.S. dollars per barrel from 47.07 U.S. dollars per barrel to 52.10 U.S. dollars per barrel.

Basket OPEC’s increase by 5.21 U.S. dollars per barrel from 49.17 U.S. dollars per barrel to 54.38 U.S. dollars per barrel.

Brent (ICE)’s increase by 5.10 U.S. dollars per barrel from 50.22 U.S. dollars per barrel to 55.32 U.S. dollars per barrel.

Reporting by Indonesia Window