Jakarta, July 20 -- The Ministry of Energy and Mineral Resources projects the Indonesian Crude Price (ICP) in July 2026 to average between US$67 and US$71 per barrel.

"The actual price will depend on market developments and the global geopolitical situation," Laode Sulaeman, the ministry's Director General of Oil and Gas, told ANTARA on Monday.

He noted that key risks to watch include the potential escalation of new attacks that could disrupt oil production. Furthermore, increased supply from the Middle East following the reopening of the Strait of Hormuz could exert downward pressure on prices.

Laode affirmed that the Indonesian government is continuously monitoring the global oil market to maintain price stability and safeguard natio...