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Annual Report 2013 www.recope.com
Imports and oil costs
Main events that affected international prices
The average annual reference price for oil for
America WTI was US$97,97/barrel, with a peak price during
the month of August at US$106,54/barrel. After this moment,
the price decreased, mainly due to the high supply conditions
in the crude oil market.
It should be noted that during this year, the
energy industry worldwide shifted significantly in terms of
production, exports, and imports of crude oil and distillates.
From the imports standpoint, the United States of America
stopped being the largest importer of crude oil, yielding this
place to China.
According to experts and as a result of the boom in
crude oil and shale gas production in the United States, if the
current production rate remains stable, the United Sates could
become energy self-sufficient and reduce the need of crude
oil from OPEP, surpassing Saudi Arabia and Russia to become
the largest crude oil producer in the world by the year 2016.
Nonetheless, the International Energy Agency (IEA) considers
that this situation may be reverted by the year 2020, when
the Middle East recovers its supremacy, becoming the main
supplier of crude oil for Asia.
During the year 2013, RECOPE, S.A. imported a total
of 2,999,152 cubic meters (18.86 million barrels) of product at
a total CIF cost of US$2,181.76 million, with an average price
of $115.7/bbl.
The company’s invoice for fuel imports for the year
2013 increased 0.3% with regards to the year 2012, while the
imported fuel volume increased 4.7%. Therefore, it can be
concluded that the oil prices were lower in the year 2012. In
average terms the cost of each barrel of product imported by
RECOPE, S.A. to December 2013, was lower than the one for
2012, decreasing from de $120,7/bbl in 2012 to $115,7/bbl in
2013.
RON 95 gasoline, which is currently being imported,
has no additives for increasing octane, as their use is
prohibited.
Imports for the years 2012 and 2013 showpractically
the same structure, as all products imported are finished
product, and sale patterns remained stable from one year to
the next.