Pertamina starts drilling wells in Blora because oil prices continue to decline
HarianPress .Weak global economic growth affected the decline in the Indonesian crude price (ICP) price in November 2018. The November 2018 ICP also fell in the figure of USD 62.98 per barrel or down by USD 14.58. This ICP is the lowest for a period of 6 months. The Head of the Communication, Public Information Service and Cooperation Bureau of the Ministry of Energy and Mineral Resources, Agung Pribadi, explained that US policies that provide exceptions to eight countries to import crude oil from Iran resulted in oversupply. '' Stocks of crude oil are abundant on the global market, '' he said yesterday. Another impact that resulted in oversupply was the abundance of Saudi Arabian crude oil production due to anticipation of sanctions against Iran. As well as an increase in US crude oil supply by 24.5 million barrels in November 2018. The excess supply is in line with the November 2018 International Energy Agency (IEA) publication which stated that OPEC crude oil product...