Bitumen Price January 2020

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Bitumen price January 2020

Several agents determine the bitumen price January 2020. In the following, we discuss some of them briefly. OPEC members include Saudi Arabia, Iraq, Iran, Qatar, Venezuela, and some more, which account for about 75 percent of the world’s oil reserves and 50 percent of the world’s oil production.

That’s why oil prices and the bitumen price January 2020 tend to rise with every meeting of OPEC leaders. This is because a signal is received from the alliance of oil cartels to restrict supply, and on the other hand, whenever news of a member’s violation of the daily production exceeds the contract ceiling, oil prices, and the bitumen price January 2020 fall.

In general, oil price behavior is about 60% dependent on the price of an ounce of gold, and usually, any war, political and social unrest will increase oil prices. On the other hand, increasing global economic growth, especially the United States, will reduce oil prices and the bitumen price January 2020. We highly recommend you to follow the news published by US oil producers or the inventory of US oil reserves and make a buying or selling position depending on the decrease or increase in production and bitumen price January 2020.

Mistakes and unrest

in the Persian Gulf increase oil prices and bitumen price January 2020. Like the Arab Spring (the Arab Spring is called the revolutions in the Arab world) and the Yemeni civil war. Also, because the value of oil is traded in dollars, the devaluation of the dollar causes the price of oil to rise, a clear example of which is the unprecedented decline in the value of the dollar in the 2008 financial crisis.

As has been noted above, less than a month later this year, the oil market found its biggest enemy, for which there is still no cure. The new coronavirus, first spread in China, is similar to acute respiratory syndrome, which makes it very difficult to breathe and causes severe fever and fatigue. The spread of the virus and market concerns about its economic consequences around the world have lowered oil prices and the bitumen price January 2020.

The virus is not only destructive but also highly contagious, and its apprehension has now spread to oil markets. People’s worries and fears will confine traveling and that will also cause an economic downturn. Individual concerns may seem unrelated to economic matters, but they are reflected in the global economy because people are changing their travel, shopping, and business habits. Analysts predict that oil prices and the price January 2020 will remain low for a long time as a result of the collapse of the agreement between major producers on supply constraints and declining demand due to the outbreak of the coronavirus.