Investor Presentation - FX Exposure Management
Brent Crude Prices
+ OPEC++ production cut
+ Impact of Iran & Venezuela sanctions
+ Escalating regional tension
$/bbl
90
80
60
26
70
50
40
40
30
20
20
30.7
10
10
Jan-16
2016 ave.
43.7 $/bbl
OPEC
Production
Cut Decision
-
Concerns on global economic development
Covid-19 related demand drop
Storage capacity fill up
81.2
2018 ave.
71.0 $/bbl
2017 ave.
2019 ave.
54.3 $/bbl
64.3 $/bbl
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
data as of 30 November 2020
Dec-20
Investor Presentation
Refining Market
Nov-17
Jan-18
Mar-18
May-18
67.0
55.4
43.4
40.1
40.8
42.7
40.2
31.8
Iran
Sanctions 1
All waivers
Drone
29.0
expired on
Attack to
I
Covid-19 &
I
Iran Saudi Fields ¦
¡ OPEC++
OPEC+4
I
I
I
18.5 Production
I
disagreement¦
I
i Cut Decision
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
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