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CHAPTER ONE
Developments in Global Markets
The nominal value of the increase in crude oil prices of
$2/b during 2012 was slightly different from its real value increase
measured in 2000 prices, after adjustment according to the index
representing the GDP deflator of industrial countries. The real price
increase amounted to $0.4/b, or less than 0.5%, to reach an average
of $90/b during 2012, as shown in
Table (1-10)
.
3-2 Spot Prices of Oil Products
There was an increase in the annual average prices of various oil
products on all major markets in 2012, although the amounts varied
according to the product and the market. However, rates of increase
for all products and markets were less compared with the previous
year.
3-2-1 Premium Gasoline Prices
The average price of gasoline in the US Gulf in 2012 was $133.6/b,
indicating an increase of $9.1/b, or about 7.3%, compared with its
level in 2011. In Mediterranean market the average price went up
to $126.6/b, an increase of about $7.9/b, or 6.7%, above 2011, and
in Rotterdam market the average price rose to $127.3/b, an increase
of about $6.9/b, or 5.7%, above 2011, whilst in Singapore market it
reached $123.5/b, which was $3.9/b, or about 3.3%, higher than in
2011. Consequently, the US market achieved the highest prices of
all four markets in 2012, Rotterdam and Mediterranean came next,
while Singapore achieved the lowest as shown in
Table (1-11)
and
Figure (1-10)
.
