Indonesia December Crude Price Falls 2% on Higher Supply

Indonesia’s average oil export price fell 2 percent in December from the previous month after the Organization of Petroleum Exporting Countries agreed to increase quotas and Libyan output rose.

The Indonesian Crude Price fell to $110.70 a barrel in December from $112.94 a barrel in November, the directorate general of oil and gas at the energy ministry said in a statement today in Jakarta.

“A stronger U.S. dollar against the euro has made crude expensive, reducing demand from Europe,” the ministry said in the statement posted on its website.

Indonesia (OLRSINDO)’s Minas grade fell 3 percent to $112.52 a barrel in December from $116.04 a barrel in November, the ministry said. The nation’s oil export price averaged $111.55 a barrel in 2011, compared to $109.94 in 2010, it said.

To contact the reporter on this story: Fitri Wulandari in Jakarta at fwulandari@bloomberg.net

To contact the editor responsible for this story: Greg Ahlstrand at gahlstrand@bloomberg.net