In this article, we analyze the market for those who want to buy bitumen in Congo.
First, it’s important to know that at the OPEC
Plus ministerial meeting on April 1, the group agreed to gradually increase production to 1 million barrels per day between May and July. In fact, we
expect OPEC Plus production to increase by 350,000 barrels per day in May
and June and over 400,000 barrels per day in July. Saudi Arabia will gradually
end its unilateral reduction of one million barrels per day, increasing its production to 250,000 barrels per day in May and June. In total,
OPEC Plus oil production will increase by 2.1 million barrels
per day by the end of July.
Buy bitumen in Congo and the OPEC Plus
Moreover, the decision, made on April 1, reflects OPEC Plus leaders’
confidence in the market’s ability to absorb more oil, especially as
vaccination programs speed up and people travel more. Respectively, OPEC
Plus and all analysts expect global demand for oil to recover strongly in
the second half of 2021 and reach pre-crisis levels by the fourth quarter of this year. In late April, Goldman Sachs predicted that global oil demand would
grow the most in the next six months. The investment bank expects
demand for oil to grow by 5.2 million barrels per day in the next six months. Despite concerns over India’s Covid crisis, OPEC, investment banks
and the International Energy Agency are optimistic about
strong global demand for oil this year.
Buy bitumen in Congo and the oil price
According to Oil Price, the International Energy Agency announced last
week that the surplus of oil reserves created last year has almost
disappeared, and the gap between supply and demand will pave the way
for further easing of OPEC Plus supply constraints and even a sharp
decline in reserves. With a slight reduction in its estimate, the US
agency believes that oil demand will reach 97.7 million barrels per day this
year, which is 4.5 million barrels more than last year and 3.7 million less than in 2019. OPEC, however, did not change its view of demand this year
and still believes that in 2021, demand will increase by 95.5 million
barrels per day, equivalent to 6.6 percent.
The latest variables and the notion of “buy bitumen in Congo”
Another point in the reports of these institutions is the estimation of
demand in the second quarter of the year, which has been declining because
the weakening factor in India is again showing its effectiveness. In this case, OPEC and the IAEA agree. It’s also worth mentioning that OPEC says demand this
season will be 300,000 barrels per day lower than previously estimated in the report. However, the agency was even more pessimistic,
lowering its estimate to more than half a million barrels a day.
