Market Outlook – June 16 2023 Pricing Window

Refined Products Price Review and Outlook

Global crude oil and refinery product prices continue to tumble due to uncertainties regarding the
global economic outlook and unprecedented high inflation rates in the US and Europe. Although global
crude prices rose slightly in April due to the surprise announcement by some OPEC+ nations to
voluntarily cut production in May through to the end of 2023, crude prices have fallen considerably
since then to about $72.46 per barrel. Crude prices rose to about $85/bbl in April when the
announcement was made, however, crude prices have declined by over 10% from April to June. The
downward trajectory has raised concerns among the oil-producing countries. Even though OPEC+
maintain their optimism of potential growth in demand benchmarking on prospective growths in
China, industry experts are skeptical of the next actions of the organization if prices continue to fall.

Market outlook - June 16