Bitumen for road

Generally speaking, we have different grades of bitumen for road,

such as bitumen penetration grades, cutbacks, emulsions, etc. In this article,

we will explore the news of the bitumen market briefly.

Global oil supply will increase by one million barrels per day this year

According to the News Agency, the International Energy Agency (IEA) in a

report by Tass News Agency, announced that the global supply of oil market

in 2021 after a decrease of 6.6 million barrels per day in 2020, to one

million barrels per day, will increase. At the same time, the agency believes

that a further increase in global supply is possible at the same time as

improving oil demand in the second half of 2021. According to the report,

OPEC member countries will gradually increase the limits of crude oil

production reduction to 5.8 million barrels per day in the second

quarter of 2021 and will continue until the end of the agreement, in April 2022.

Bitumen for road vs. OPEC plus

“For OPEC Plus, we expect the gradual lifting of production cut limits

during the second quarter of 2021, which will reach 5.8 million barrels per

day compared to October 2018 and will continue until the first quarter

of 2022,” the report said. The International Energy Agency also stressed

that OPEC member countries will be able to regain the market share

they lost in 2016 if shale oil production in the United States does not grow. Meanwhile, American companies are now more concerned about repaying

their debts than new investments to grow their production.

Bitumen for road and the news

The agency noted that rising crude oil prices could also be a stimulus for

output growth in the US shale oil industry, which saw the biggest drop in

output last year. As a matter of fact, the United States has imposed

sanctions on companies, and ships that helped sell Venezuelan oil. To be

more specific, the US Treasury Department’s Office of Foreign Assets

Control (OFAC) said on Tuesday that US officials had imposed unilateral

restrictive measures against 3 individuals, 14 organizations and

6 companies for allegedly circumventing sanctions.

Moreover, among the sanctioned entities are the Russian tanker company

and its tankers, Sierra and Maxim Gorky. According to the report,

the restrictions also apply to institutions in the United Kingdom,

Italy, Malta, Panama, the United States and Switzerland.

Bitumen for road

On the other hand, US Treasury Secretary Steven Manushin stressed

that it involves those who help the Venezuelan government circumvent

the sanctions in “continuing the current corruption in Venezuela”. Additionally, the Venezuelan Foreign Ministry said in a statement that the US move was

a “disappointing new aggression against the Venezuelan people.” The ministry added:

“Despite 4 years of relentless aggression and disregard for international law,

the people of Venezuela and its revolutionary government are still standing.”

Biden’s victory is better for the oil and gas market

Goldman Sachs said the result of the US presidential election had no effect on

the growth of energy markets and that the victory of the Democrats could

be good news for the oil and gas market. According to Reuters,

Goldman Sachs Bank in its latest report once again predicted 2021 as a

good year for the world oil and gas industry and said that the

outcome of the US election could not have much impact on this growing trend.

Bitumen for road vs the global market

According to the verified sources, the bank says that of course,

if the Democratic candidate wins, we can expect the situation in these

markets to accelerate. To be more specific, Goldman Sachs Bank of America

says that the factors that will lead to an increase in the price of energy

carriers in the world remain and the result of the US election cannot

weaken them. The bank also predicts that global natural gas prices are

likely to rise, and the recent rise in oil prices in anticipation of further

US bailout policies and the devaluation of the dollar suggests that

Biden’s election victory could serve as a catalyst or accelerator to

improve the situation.

Polls suggest that Democratic nominee Joe Biden is a long way from Trump

It’s worth mentioning that Goldman Sachs says that if the Democrats win,

we will see more limited oil and gas production in the United States. This

is because the future government of Biden will increase the cost of shale

oil production by enforcing stricter laws and will also reduce the rate of

oil extraction from shale fields. In other words, Goldman Sachs says

Biden’s promises to prioritize tackling climate change also show that

renewable energy is growing faster than expected.


Bitumen supplier in India


Bitumen for road and the USA news

The bank says the trend which requires new infrastructure,

along with implementing large stimulus packages,

will increase demand for oil in the coming years. Although it may be possible

to predict stability in the oil market outlook with Biden coming to power,

in the current situation, with the question of democracy claiming to be

the world’s superpower, the oil market will certainly fluctuate. It will affect oil markets,

but some analysts believe that the administration of US

President-elect Joe Biden will oppose oil production.

It’s also important to know that Brent crude rose 40 cents, or 0.7 percent,

to $54.70 a barrel on the New York Mercantile Exchange. The index had

risen 1.3 percent last night. West Texas Intermediate traded up 43 cents,

or 0.9 percent, at $51.6 a barrel. Additionally,

the US oil index closed 1.4 percent higher on Wednesday.