Ineos Full Year Report 2022

The increase in revenues was driven primarily by higher prices and increased sales volumes. The increase in selling prices followed the significant rise in crude oil prices, which increased to an average of $71/bbl for the year ended December 31, 2021 as compared to $42/bbl in the same period in 2020. The largest price increases were in the O&P businesses which experienced higher prices across all product lines reflecting healthy demand and tight markets as economies began to recovery from the COVID-19 pandemic. Overall sales volumes for the Group were approximately 9% higher in the year ended December 31, 2021 as compared to the year ended December 31, 2020 with the O&P and Phenol businesses experiencing the biggest increase from resurgent economies, after 2020 volumes were adversely impacted by the effects of the COVID-19 pandemic.