Business · Energy & Commodities · 12 hrs ago
Indonesia’s September crude oil price rose to $112.81 per barrel
Indonesia’s average crude oil price, known as the Indonesian Crude Price, reached $112.81 per barrel in September 2026.
That was $23.38 higher than in August.
The government said heightened uncertainty and risks to oil supplies pushed prices up across international benchmarks.
Tensions involving the United States and Iran raised concerns about shipping through the Strait of Hormuz, a major route for oil exports.
Oil exports through the route had fallen by as much as 28% compared with July, while attacks and other supply disruptions also tightened the global market.
The Indonesian price is used to calculate state revenue from oil and gas production and to inform national budget assumptions.
The government said it will keep monitoring oil prices, and projected Indonesia’s crude price to remain high but ease to between $98 and $103 per barrel in October.
Indonesia set its average crude oil price, or ICP, for September 2026 at $112.81 per barrel.
The price was $23.38 higher than August’s $89.43 per barrel.
An Indonesian energy official said geopolitical uncertainty and risks of supply disruptions drove the increase.
Prices rose across all major international crude benchmarks in September.
The government projected that ICP would remain high in October but ease to $98-$103 per barrel.
- Who
- Indonesia’s government set the September crude oil price. Energy and Mineral Resources Director General Laode Sulaeman explained the rise.
- What
- Indonesia’s September 2026 average crude oil price was set at $112.81 per barrel, up $23.38 from August.
- When
- September 2026; the decision was reported on October 12, 2026.
- Where
- Indonesia. Laode spoke at the Directorate General of Oil and Gas office in Jakarta.
- Why
- Geopolitical uncertainty and increased risks of supply disruptions raised global oil prices.
This story does not have two clearly opposing sides.
Indonesia’s average crude oil price was $89.43 per barrel.
Indonesia’s average crude oil price rose to $112.81 per barrel.
ICP was projected to remain high but ease to a range of $98-$103 per barrel.
- September 2026 ICP
- $112.81 per barrel
- Change from August
- Up $23.38 per barrel
- August 2026 ICP
- $89.43 per barrel
- October 2026 projection
- $98-$103 per barrel
- Decision
- Ministerial Decree No. 395.K/MG.03/MEM.M/2026
What people are saying
The average ICP for September 2026, which surged to $112.81 per barrel, reflects the dynamics of the global oil market, influenced by high geopolitical uncertainty and increased risks of supply disruptions.
We ensure that the ICP formula remains transparent and reflects international market dynamics so that it remains accountable for state finances and upstream oil and gas business activities.
Sources
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