The direction of crude oil price, which closed the first half of 2016 with around 48 $/bbl levels, was negative in the summer months.
Crude oil price, which was 39 $/bbl at the closing of the first quarter of 2016, closed the second quarter at the level of 48 $/bbl due to the impact on production of fires in Canada, terrorist incidents in Nigeria, political disputes in Libya and decreasing number of wells in America.
Price of crude oil starting with the level of 55 USD/barrel in 2015 closed the year with the level of USD 36 due to economic risks in China and emerging countries, crude oil production and stock increase occurring on a global basis, lifting of the crude oil export ban of the USA and to the expectation for lifting the economic sanctions to Iran. Correspondingly, the crude oil consumption in 2015 increased to 94,4 million barrel/day with an increase of 1.61 million barrel per day thanks to the demand supported by the low price environment.
The fire which started in our İzmit Refinery facilities on 3th February 2016 at 15.15 pm because of the equipment failure, has been extinguished by the Fire Brigade Teams at 22.45 pm. The incident has no negative effects on human health and the environment. All the other refinery operations are continuing as planned.