Indonesian Crude Price

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Indonesian Crude Price, or ICP, is a price index for crude oil from Indonesia.

The ICP is determined by Dirjen Migas, based on moving average spot price of a basket of eight internationally traded Indonesia crudes:

In some cases ICP is used as index in long term LNG contracts in East Asia.[ citation needed ]

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Petroleum, also known as crude oil and oil, is a naturally occurring, yellowish-black liquid found in geological formations beneath the Earth's surface. It is commonly refined into various types of fuels. Components of petroleum are separated using a technique called fractional distillation, i.e., separation of a liquid mixture into fractions differing in boiling point by means of distillation, typically using a fractionating column. It consists of naturally occurring hydrocarbons of various molecular weights and may contain miscellaneous organic compounds. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that are made up of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, mostly zooplankton and algae, are buried underneath sedimentary rock and subjected to both intense heat and pressure.

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ICP may refer to:

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Japan Crude Cocktail Informal nickname given to the pricing index of Crude Oil

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The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 300 billion barrels (4.8×1010 m3) as of 1 January 2014. The 2019 edition of the BP Statistical Review of World Energy reports the total proved reserves of 303.3 billion barrels for Venezuela (slightly more than Saudi Arabia's 297.7 billion barrels).

World oil market chronology from 2003 Chronology of events affecting the oil market

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