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Annual report 2012 www.recope.com
The year 2012 began with high prices during the first quarter,
driven primarily by the United States – Iran conflict (the uranium
enrichment program), and the Iran – Israel relation problem that
is worsening every day. The following are also to be taken into
account: Iran´s constant threat to close off the Strait of Hormuz
(through which there is a daily transit of 17 to 18 million barrels),
the embargo proposed by the United States on this country, the
production instability in certain countries (Syria, Yemen and Iraq
among others) and the European economic crisis.
May and June were months characterized by the constant
appearance of discouraging news in the international market
and the global economy. This resulted in a lowering of prices.
The combination of all these factors within the year, established
the benchmark price of crude in this part of the world, known
by its acronym in English as WTI. It went from a high value of US
$109.91 / bbl on the 3rd of March to a value of US $78.11 / bbl,
recorded on the 28th of June. This was a decrease of US
$31.80 / bbl over a period of four months.
The second half the international market remained relatively
stable, with WTI prices below U.S. $ 90/bbl from October.
In the case of gasoline, the lowest daily price was presented in
December (US $99/bbl) recorded the daily peak was in April (US
$144.42 / bbl), staying with a general average the last 15 days of
STRATEGIC
MANAGEMENT
2012
Oil market behavior and evolution
within the period.
1. INTERNATIONAL TRADE