Jakarta. The average Indonesian Crude Price (ICP) has dropped to $106.56 per barrel in May, down $10.75 from the previous month.

ICP had fallen from $117.31 per barrel in April as geopolitical tensions eased following the US-Iran war negotiations. Laode Sulaeman, a senior official at the Energy Ministry, also said that oil prices had been on a downtrend as supplies improved.

“The recent [geopolitical] developments have cooled down market worries about shocks to energy supplies and crude prices in international markets,” Laode said over the weekend.

According to forecasts by the International Energy Agency (IEA), the global oil demand is expected to drop by 420,000 barrels per day to 104 million barrels per day. The biggest decline will likely be in Q2-2026, down by 2.45 million barrels per day. Crude imports in major Asian countries -- including China and Japan -- also declined significantly from February to April.

“The government remains committed to safeguarding national energy supplies by consistently monitoring [the situation] and taking the necessary anticipatory steps,” Laode said.

ICE Brent has risen from $102.46 per barrel to $103.71 per barrel. West Texas Intermediate prices also went up by $0.45 to $98.06 per barrel. Dated Brent saw a $ 12.99-per-barrel drop to $107.55 per barrel. OPEC Basket also increased by $3.45 per barrel to $108.79 per barrel as of May 29, 2026.