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Annual Report 2013 www.recope.com
closed production fields and export terminals,
which caused the supply from this country to fall
short from the levels in previous years.
Regarding Syria, tension due to the use
of mass destruction chemical weapons exerted
pressure on international prices, given the
thread of a military intervention from the United
States with military bases, causing a reaction in
neighboring countries both in favor and against.
This resulted in very tense market conditions with
pessimistic forecasts for the global supply from
the Middle East. This country was able to reach an
agreement, which eased tensions in the area.
Like Syria, Iran also reached an
agreement with that country and the Occident,
with regards to the uranium enrichment program,
which was positively received by the market as the
crude oil imports in the country had decreased
approximately 50%, mainly affecting countries
such as China, India and Japan, the main buyers.
This agreement was signed on November 23, 2013,
for a term of six months. The agreement is “limited,
temporary, and reversible”. Elimination bans on
insurance matters (sea freight) is important, as it
will allow more access to the Iranian crude oil.
With regards to finished products, the
monthly price for imported diesel fuel peaked on
February 2013, at $137.74/ barrel, at the very end
of the high demand season for the product (end of
winter in the Northern Hemisphere). The monthly
price for imported gasoline fuel US$117,12/
regarding biofuels, the annual average price for
ethanol (Houston) for 2013 was US$103.25/barrel,
while the maximum average monthly price was
US$117.12/barrel for the month of May. Price
differential with regards to UNL-87 gasoline from
the Gulf Coast in the United States, for this same
year, averaged US$23,21/barrel. The annual average price for
biodiesel (Houston) was US$215.12/barrel and the differential
with ULSD from the Gulf Coast was US$883.34/barrel, annual
average. It is important to note that during the month of
August, this differential gap closed significantly.
For December 31st, 2013, the average fuel prices
(Brent crude oil, LPG, MT BELVIEU, UNL 87 gas and 0,05%S
diesel) showed an increase of US$0.17/bbl, representing
0.15% of the barrel price for Brent crude, when compared with
the data reported from January to September of the year 2013
and the prices quoted for the third semester of the same year.