The Bitumen Price List 2020 is essential for all buyers, suppliers, and market analysts. We have provided our readers with a comprehensive bitumen price list for 2020. As a result, you can compare and contrast the bitumen prices in each period, and you can see the fluctuations easily.
Variables of the Bitumen Price List 2020
Generally, the lack of balance in supply and demand in the global oil market, along with the occurrence of geopolitical events and reduced economic growth of major oil-consuming countries, are practical factors in lowering oil prices. Oil prices rose slightly in September 2019 after drones attacked the Aramco refinery. It’s good to know that earlier in 2019, insecurity and attacks on oil tankers in the Strait of Hormuz were the primary cause of oil price fluctuations. The start of the New Year and The outbreak of the Coronavirus caused the global oil market to experience a new fluctuation.
Coronavirus and Declining Chinese Oil Demand
As a matter of fact, China imported 506 million tons of oil in 2019, or 10.12 million barrels per day. The country’s daily consumption compared to 2018 increased by 882,000 barrels per day. Besides, China’s LNG imports in 2019 increased by 31.9% compared to 2018 to 96.56 million tons. To be more specific, the outbreak of the Coronavirus in early January slowed the country’s economic growth, which caused the energy demand to decrease due to the existence of a surplus in the oil market, and oil prices gradually declined. The fall in oil prices has made the issue of the impact of the Coronavirus on the oil market a significant topic of discussion at the recent OPEC meeting.
Respectively, the 178th OPEC Summit ended with OPEC members and Russia disagreed on a reduction in oil production. Before the summit, Russia had agreed to reduce oil production, but only if it was slowed by OPEC members and Russia maintained its current production. The disagreement between Saudi Arabia and Russia caused oil prices to fall again immediately after the summit. In other words, OPEC could not reach an agreement that Libya will not be able to produce more oil due to the civil war if a deal happens between the Siraj government and General Haftar’s forces shortly, and the country can move towards production before the crisis and civil war.