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Indonesia sets April Minas crude at $62.67/b, down $1.39/b from March

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Indonesia sets April Minas crude at $62.67/b, down $1.39/b from March

Singapore — Indonesia's Ministry of Energy and Mineral Resources set the price for Minas crude oil lifted in April at $62.67/b, down $1.39/b from the price for March cargoes, according to the monthly selling price notice seenby S&P Global Platts May 6.

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With the Dated Brent benchmark averaging $64.70/b in April, Minas' alpha -- or differential -- for the month is minus $2.03/b.

For Indonesia's other main grades, the April Indonesian Crude Price for Senipah condensate was lowered $2.37/b month on month to $62.88/b, while the April ICP for Belida was down $1.24/b to $62.73/b, according to the notice.

The monthly ICPs are set retroactively.

In the notice, the ministry has removed Ardjuna crude from its main basket of crude grades. The grade, which previously had its own standalone ICP, is now fixed at a discount of $1.04/b against the Belida crude ICP. This mirrors a move that the ministry last made in January 2020, when it removed the ICPs for Cinta and Widuri crudes from its main basket of crude grades.

Cinta is now fixed at a discount of $1.71/b to the Minas crude ICP and Widuri at a discount of $1.16/b against the Minas crude ICP.

ICPs FOR MAIN INDONESIAN CRUDE GRADES

(Unit: $/b):

GRADE
JANUARY
FEBRUARY
MARCH
APRIL
CHANGE
Minas
54.41
61.42
64.06
62.67
-1.39
Attaka
53.08
60.47
63.97
62.68
-1.29
Duri
58.91
66.52
70.66
69.41
-1.25
Belida
53
60.4
63.97
62.73
-1.24
Senipah
54.73
62.33
65.25
62.88
-2.37
Banyu Urip
55.71
62.81
66.07
65.12
-0.95

ICP ALPHAS FOR MAIN INDONESIAN CRUDE GRADES

(Unit: $/b):

GRADE
JANUARY
FEBRUARY
MARCH
APRIL
CHANGE
Minas
-0.43
-0.8
-1.57
-2.03
-0.46
Attaka
-1.76
-1.75
-1.66
-2.02
-0.36
Duri
4.07
4.3
5.03
4.71
-0.32
Belida
-1.84
-1.82
-1.66
-1.97
-0.31
Senipah
-0.11
0.11
-0.38
-1.82
-1.44
Banyu Urip
0.87
0.59
0.44
0.42
-0.02

Source: Directorate General of Oil and Gas