Dubai Price 90 80 70 60 50 40 30 20 10 (Unit: USD/bbl) 2021 AVG price 69.24 2020 AVG price 42.21 50.45 84.34 13.55 Operating Performance 1. Operating Performance by Business Units 1.1 Petroleum business unit 1.1.1 Petroleum Market Overview Crude oil situation in 2021: The global oil consumption was 98.4 million barrels per day rising by 5.1 million barrels per day compared to the 2020 oil consumption of 93.3 million barrels per day. The Dubai price in 2021 moved between USD 50.45 per barrel and USD 84.34 per barrel, with an average of USD 69.24 per barrel that rose by USD 27.03 per barrel from USD 42.21 per barrel in 2020. This was mainly because overall situations of COVID-19 pandemic improved continuously being consistent with COVID-19 vaccine distribution. These occurrences led to eases of epidemic-related restrictions entailing rising oil demand. Furthermore, OPEC and allies cooperated to reduce crude oil production, especially Saudi Arabia announcing to provide an additional production cut of around 1 million barrel per day in early 2021, while the U.S. crude oil production increased by only 0.7 million barrels per day from that in early 2021. Meanwhile, the oil production growth was 2 times lower than the oil demand growth that led to a tight-supply condition boosting the crude oil price. Jan. 2020 Apr. 2020 Jun. 2020 Sep. 2020 Dec. 2020 Mar. 2021 Jun. 2021 Sep. 2021 Dec. 2021 164 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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