Bitumen Price August 2020

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Bitumen Price August 2020

In this article, we tend to discuss bitumen price August 2020 and oil price changes in recent months. With declining US oil reserves as well as a weakening in the American dollar, world oil prices have hit a five-month high. Brent crude hit $ 46 a barrel in global oil trading, up to $ 1.65 a barrel from a few days’ trading. Moreover, the OPEC oil basket also reached above $ 44, which is about $ 1 per barrel. As a matter of fact, today’s prices are the highest oil prices since the beginning of March. Needless to mention that US oil reserves fell by about 8.6 million barrels to 520 million barrels in the first week of August, which impacted the bitumen price August 2020.

Corona effect on oil and bitumen price August 2020

It’s important to know that the price increase comes as the corona epidemic continues, but there is still no clear outlook for rising global oil demand in the market.

• OPEC Plus ‘reduces’ oil supply restrictions from August
• Following a historical loss; BP oil company halved its dividend
• China; The highest buyer of Saudi oil in June

Importantly, the oil market has not had good days since the beginning of the year due to the recession and declining demand in April, oil prices reached $ 16 a barrel, the lowest in 21 years. It’s worth mentioning that West Texas Intermediate crude for May delivery was down close to $ 40 a barrel due to full capacity. The current state of the oil market has led many oil companies to cut costs and lay off their employees.

In the latest case, the British oil and gas company “BP” has halved its dividend with a loss of 6 billion and 700 million dollars in the second quarter of this year. About two months ago, as demand in the global oil market continued to decline, BP reduced its forecast for oil prices; According to this estimate, the price of a barrel of Brent oil by 2050 will be at an average of about $ 55 per barrel.

With this forecast, the oil and gas giant has announced that it will reduce the estimate of its assets. As refineries plummeted and world oil prices plummeted in March and April, Chinese refineries increased oil orders from Saudi Arabia and several other countries. This is while China is in a different situation; According to official statistics and some media reports, China has increased its purchases and reserves of cheap oil.