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Indonesia Mulls Changes To Crude Price Basket; Banyu Urip ICP Eyed

Indonesia is evaluating its existing crude oil benchmarks and has identified the Banyu Urip grade as a possible replacement for Arjuna Indonesia Crude Price (ICP),  Ego Syahrial, director general of oil and gas at the energy ministry, said.

“Relating to Banyu Urip crude to be the benchmark crude to replace Arjuna, at this time it’s still being evaluated by the technical team,” Syahrial said.

The earliest decision could come in December, but not later than June 2018, Syahrial added.

In the meantime, Indonesia will keep its existing ICP formula unchanged.

Monthly ICPs for the key benchmark grades: Minas, Duri, Widuri, Cinta, Arjuna, Attaka, Belida and Senipah condensate are currently calculated by applying a differential to dated Brent quotes published by oil price agency S&P Global Platts.

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