investment. Since the crude oil prices gradually increased in line with the global economic recovery and OPEC continued its descending crude oil production. This affected the Company’s raw material prices

, with pressure from the OPEC and Non-OPEC countries led by Russia which jointly agreed to lower production, and additionally by the effects of the new US sanctions on Iran, which obligated Iran to lower

upwards by 6.45 USD/BBL with respect to the policy switch made by OPEC members, from increasing market shares to a joint decision with non OPEC member countries to reduce crude production. When compared to

-54% Crude Oil Price Situation Dubai crude oil price in 2017 when compared to 2016 on average increased by 11. 71 $/BBL in respect to policy enacted by OPEC members and Non-OPEC members led by Russia to

compared to Q3/2016 adjusted upward by 7.25 $/BBL in regards to policy change made by OPEC members, from increasing market shares, to a joint decision with non-member countries to reduce crude production

OPEC members to lower the production quantity of crude oil, as to stabilize crude oil price. As well as Saudi Arabia’ s desiring to keep oil price at high levels, the rise in oil price levels is

price of crude and finished product to make its downward trend. With demand for fuel consumption declining across the globe, combined with the Organization of Petroleum Exporting Countries [ OPEC] and

barrels per day during late Q1/2019. However, crude oil price was supported by the production reduction of the OPEC group and their associates; combined OPEC production reduced by than 2 million barrels per

Q1/2017 increased by 10.93 $/BBL with respect to the global oil market situation tightening, after OPEC consistently followed through with their measures to reduce oil production more than the level

compared to Q2/2017 rose by 22.39 $/BBL, a result of the global oil market tightening, after OPEC constantly reducted oil production at rates which exceeded initial agreement, which led to global OECD oil