DIGIVESTASI - The Ministry of Energy and Mineral Resources (ESDM) announced that China can now influence the rise and fall of global oil prices. This can be seen from Pandaland's oil demand. Tutka Aliazi, Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, said China meets its own oil needs. However, demand could surge again, impacting global oil prices. 

"One of the implications is meeting China's (oil) demand." China is big. Once China meets its (oil) demand, it will affect prices. "Yesterday China did not really need it, but now it increasingly needs it," he said in a meeting held at the Ministry of Energy and Mineral Resources Building, Jakarta, Monday (December 2, 2024).", he explained. 

Tutka further revealed that there are three major countries that determine the rise and fall of world oil prices, which also affect the price of fuel oil (BBM).

He said that besides China, three other countries in the world that determine the rise and fall of oil prices are the United States, Russia, and Saudi Arabia.  "So the big three that determine something is oil, the US, Russia, and Saudi Arabia. Although currently the three are the big three and OPEC exists, but it is the big three that actually determine the price of oil," Tutka said. . 
Furthermore, he said that world oil prices are currently on an upward trend.

Tutka believes this is partly because the impact of the Middle East conflict continues to affect global oil price fluctuations. This is expected to impact the global crude oil distribution chain. "There is a disruption in the logistics system because it depends on the Middle East issue. If I see ups and downs, ups and downs, but the trend is upward," he explained.  

As is known, at the close of trading on Friday (February 9, 2024), WTI crude oil prices rose 0.81% to close at $76.84 per barrel, while Brent crude oil also rose or fell 0.69% and ended at $82. An increase of $19. 

Oil prices surge in second week, WTI crude oil up 6.31% and Brent crude oil up 6.28%.  
Crude oil prices ended the week higher on Friday, up about 6% on a weekly basis, as the refining market tightened amid concerns about increased supply from the Middle East and power outages.

Oil futures prices have risen throughout this week, also helped by Israeli Prime Minister Benjamin Netanyahu's rejection of Hamas' ceasefire offer on Wednesday. Prices are trending higher following a 7% drop in the previous week.

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