Bitumen Price July 2021

New Steel Drum Bitumen Price July 2021

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Bulk Bitumen Price July 2021

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Pasargad Embossed Bitumen Price July 2021

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Jey Embossed Bitumen Price July 2021

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Bitumen price July 2021

Average oil demand is likely to increase and affect significantly bitumen price

July 2021 compared to 2020, but this increase may also be the only good news

for oil companies in terms of consumption, as demand is about to be much

lower than pre-epidemic levels, which means the happy days

are drawing to a close.

Latest Bitumen Price

Oil and bitumen price July 2021

The International Energy Agency (IEA) picture in 2021 that consumption

is indicative of an increase of approximately 6 million barrels per day. However, the point is that despite this increase, the average daily consumption will

be only 96.9 million barrels per day, which is still much lower than the

record of 100 million barrels per day that existed before the outbreak

of the Corona epidemic in 2019. Forecasts before the Corona crisis showed a

daily growth of one million barrels in demand during 2020 and 2021. This

means that consumption in 2021 under the new market rules is about 5

million barrels per day less than the forecast for this year before the

corona outbreak. In fact, in 2009, as the global financial crisis intensified,

demand for crude oil fell by just over one million barrels a day,

signaling the deep impact of the Covid-19 disease on the oil industry.

Demands and the bitumen price July 2021

It’s also important to mention that demand will fall in three major areas. The biggest reduction is for jet fuel, as air travel is to remain sluggish and

semi-closed, consuming something like 2.5 million barrels per day

less than pre-epidemic levels. Demand for gasoline and diesel will

certainly be better, but it is about to be limited in the first half of

2021 and until vaccines become more widely available.

According to the International Energy Agency, the consumption of these

two fuels will return to 97% to 99% of the pre-epidemic level. “It may

not differ significantly from the current situation for the first two or

three months of 2021,” said Amrita Sen in EnergyAspects. Of course,

the major blow to demand will be due to the economic downturn

caused by the effects of the Covid crisis, as the demand of

manufacturing companies will be reduced in this way and

we will display fewer goods by shipping.

Supply chain and the bitumen price July 2021

Discussions about the prospect of oil supply are more complex than

the demand side. Falling prices in 2020 have pushed large

investments out of the industry, and practical issues such as discussing

the implementation of social distancing on oilrigs have delayed many

drilling projects. Perhaps the most important part of the current

supply chain is the US shale industry, which has transformed the oil and

gas sector over the past five years, and its growth has largely shaken

OPEC’s position in the global oil market. Nevertheless, data released

by the United States Energy Information Administration (EIA) shows that

this relatively expensive source of supply is due to falling oil prices as

US crude oil production fell from 12.3 million barrels per

day in 2019 to 11.3 million barrels per day.