Jakarta: The average price of Indonesian Crude Price (ICP) stood at USD61 per barrel in June 2019, decreasing from USD68.07 per barrel in the previous month.
The average price of Sumatra Light Crude (SLC) stood at USD61.84 per barrel last month. It decreased from USD69.05 per barrel in the previous month.
"It was influenced by global economic slowdown due to the ongoing trade war between the United States and China," the Energy and Mineral Resources Ministry said in a press release received by Medcom.id.
Last month, the average price of Dated Brent was down to USD64.1 per barrel from USD.71.12 per barrel. In addition, the average price of Brent (ICE) was down to USD63.04 per barrel from USD70.30 per barrel.
Furthermore, the average price of WTI (Nymex) dropped to USD54.71 per barrel from USD60.87 per barrel. In the meantime, the average price of Basket OPEC slipped to USD62.78 per barrel from USD69.97 per barrel.
Indonesia’s trade balance recorded a USD0.21 billion surplus in May 2019, reversing the USD2.28 billion deficit posted the month earlier. A non-oil and gas trade surplus together with a narrower oil and gas trade deficit were the main contributors to the surplus.
The non-oil and gas trade surplus stemmed from a growth surge of non-oil and gas exports coupled with flatter non-oil and gas imports. Meanwhile, the oil and gas trade deficit narrowed on increasing oil and gas exports along with decreasing oil and gas imports.
The non-oil and gas trade surplus stood at USD1.19 billion in May 2019 after recording a USD0.79 billion deficit the month earlier. On one hand, the improvement was driven by an increase of non-oil and gas exports from USD12.37 billion in April 2019 to USD13.63 billion in the reporting period, induced by shipments of vegetable/animal oils and fats, jewellery/gems, as well as mineral fuels. On the other hand, non-oil and gas imports fell USD0.72 billion (mtm) to USD12.44 in May 2019, primarily held back by imports of electrical machinery and equipment, iron and steel as well as machinery and mechanical appliances.
The oil and gas trade deficit decreased to USD0.98 billion in May 2019 from USD1.49 billion in the previous period. The improvement was prompted by an uptick of oil and gas exports from USD0.74 billion in April 2019 to USD1.11 billion in May 2019 on the back of gas exports as export volume increased yet export prices decreased. Meanwhile, oil and gas imports declined from USD2.24 billion to USD2.09 billion in the reporting period, weighed down by refined products and gas in line with lower export volume affecting both components.