chapter two - OAPEC

Algerian crude fell by $37.9/b or 38.3% compared to previous year to
$61/b, while Kuwaiti crude fell by $31.9/b or 34.9% to $59.4/b. This led to
minimizing the differential between the two crudes from $7.7/b in 2008 to
$1.6/b in 2009.
Saudi Arabian light crude fell by 37% to $60/b, the UAE’s Murban
crude decreased also by 37% to $62.4/b, Libyan Sidra fell by 38% to
$60.1/b. While Qatar Marine crude and Iraqi Basra declined by 35.7% and
35.8%, to $61/b and $59.1/b respectively, as shown in Table (1-11).
The nominal value of the decline in crude oil prices of $33.4/b
during 2009 was only slightly different from its real record value measured
in 1995 prices, after adjustment according to the index, which represents the
GDP deflator of industrial countries. The real price fall amounted to $27/b,
or 36%, to reach an average of $48/b during 2009, as shown in Table
(1-11).
3-2 Spot Prices for Oil Products
There was a huge decline in the annual average prices of various oil
products on all major markets in 2009, although the amounts varied
according to the product and the market.
3-2-1 Premium Gasoline Prices
The average price of gasoline in the US Gulf in 2009 was $73/b,
which was $37.2/b, or about 33.8%, lower than in 2008. In Mediterranean
the average price fell to $57/b, a decrease of about $54.5/b, or 48.9%,
below 2008, and in Rotterdam the average price dropped to $66/b, a
decrease of about $32.3/b, or 32.9%, below 2008, whilst in Singapore it
reached $69.2/b, which was $33.4/b, or about 32.6%, lower than in 2008.
Consequently, the US market achieved the highest prices of all four markets
in 2009, Singapore and Rotterdam came next, while Mediterranean
achieved the lowest as shown in Table (1-12) and Figure (1-10).
A comparison of final price of gasoline in some OECD countries
showed that it was the lowest in US market, owing to the low taxes in
that market.
In November 2009, taxes amounted to about 15.1% of the final price
of gasoline in USA, compared with 31.9% in Canada, 48.7% in Japan,
54.5% in Spain, and over 60% in some other European countries
(65.7% in Germany, 64.8% in UK, 64.2% in France, and 60.4% in Italy),
as shown in Table (1-13) and Figure (1-11).