Serba Dinamik Annual Report 2019

17 DEAR SHAREHOLDERS, Despite a year in which the oil and gas industry faced a global economic slowdown, the continuation of geopolitical upheavals and prolonged trade tensions, SerbaDinamik has again delivered another outstanding performance for the financial year ended 31 December 2019 (“FYE2019”). The year’s challenges included volatile crude oil prices, which averaged US$61 per barrel even after efforts by OPEC and non-OPEC oil producers to curtail production and therefore curb supply and support prices. There were a number of contributing factors to the volatility, including the rise of Oil Productions in the U.S., diminished OPEC Clout, strengthening of the US dollar and slowing global demand.”