The tone at yesterday’s analyst meeting was positive. BCP’s management expects the
Dubai crude price to be approximately US$103-107/bbl in 4Q12, which is close to the
previous quarter. The main supports would be tension between the US and Iran, unrest
in the Middle East, and high demand for kerosene and diesel in winter. Meanwhile,
global economic slowdown from the EU crisis and additional supply are factors that are
pressuring the price.