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 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.