12
RECOPE ANNUAL REPORT 2015
EVOLUTION OF INTERNATIONAL PRICING
In 2015, the price of oil hit an all-time low due to
multiple situations affecting the international market:
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An oversupplied oil market, coupled with a
demand and a global economy that failed to
reach the expected levels, especially in China
– which showed signs of sluggish growth and
steep declines in the equity market –exerted
pressure over the price of crude oil.
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The US dollar (legal tender of the United States
of America), in January 2015, had a sharp drop.
The overall trend was downward, with peaks and
troughs over the period.
IMPORTS
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On February 1st, 2015, there were strikes in
nine different refineries and chemical plants in
the United States, representing approximately
10% of the total refining capacity. In addition,
a temporary cease of operations due to
maintenance in multiple refineries, in the midst
of summer preparations – a period of high
demand for gasoline – made matters worse.
Furthermore, the cost of the product increased
when the specifications changed for the summer
period (RVP adjustment - Reid vapor pressure)
to withstand the high summer temperatures
of the northern hemisphere. As a result, the
product price, and the price of other fuels, such
as diesel and jet fuel, exhibited an upward trend
during the first months of the year.
