Bitumen Price May 2021

New Steel Drum Bitumen Price May 2021

Months1st Week2nd Week 3rd Week 4th Week
May420-430410-420380-390370-380

 

Bulk Bitumen Price May 2021

Months1st Week2nd Week 3rd Week 4th Week
May355-360345-350315-320 305-315

Pasargad Embossed Bitumen Price May 2021

Months1st Week2nd Week 3rd Week 4th Week
May
420-430410-420400-405380-390

Jey Embossed Bitumen Price May 2021

Months1st Week2nd Week 3rd Week 4th Week
May420-430410-420 400-405380-390

Bitumen price May 2021

As the title show, bitumen price May 2021 is the principal subject of the

following article. According to Sputnik, the oil industry will remember the

corona year 2020 for many reasons for many years: an unprecedented 25%

drop in demand, a lack of storage space for raw materials and negative prices

for the first time in history. As a matter of fact, experts believe that 2021

will be a better year for “black gold” and oil prices will remain between

$45-55 per barrel and may even reach $60. The cause of this unprecedented turmoil was an invisible enemy; the outbreak of coronavirus in Wuhan,

China, became a global epidemic, reducing oil demand first in Tianxia

(the Celestial Empire) and then around the world.

Bitumen price May 2021 and the corona crisis

It’s also needful to mention that Oil has fallen from a high of $72 to $50 a

barrel since the spring of last year and continued to break the record. OPEC Plus, which had previously saved the oil market, initially worsened the situation at first. Amid the uncertainty, the Organization for Security and Cooperation in

Europe (OSCE) failed to agree on a further reduction in oil

production in early March.

Moreover, with the collapse of this agreement, Saudi Arabia started a

“price war” with Russia by increasing oil production. In fact, oil prices

fell 24% overnight to $21 in March. It was then that the media called

the first quarter of 2020 the worst period in the last 20 years in the oil’s history industry. However, the unpleasant adventures of the oil market did

not end there, although OPEC Plus finally managed to

compromise to reduce production.

Bitumen price May 2021 and the recent OPEC Plus action

Another fall occurred in anticipation of a new OPEC Plus deal: Brent fell to

$15 a barrel as WTI futures fell on April 20 due to low demand and global

oil storage equipment overflows. It has fallen to $40 a barrel in history. Since May, with the massive drop in oil production by OPEC Plus – down 9.7

million barrels per day – the state of oil storage facilities has gradually improved. Additionally, the new deal helped stabilize prices, with Brent rising to $35

a barrel at the end of the spring and $40 at the beginning of the

second half of the year. After the summer break, fluctuations

returned to the oil market.

Bitumen price May 2021 and the prices

It’s also good to know that in the fall, oil stock prices fell again as the second

wave of the epidemic began. They forced OPEC Plus to admit that global quarantine, although milder than spring quarantine, in any case,

delayed demand recovery. As a result, they forced OPEC Plus to adjust the

terms of the agreement in January 2021, according to which the parties to

the agreement will reduce production by 7.2 million barrels per day

instead of the planned 5.8 million barrels. As the last point,

OPEC coordination measures, as well as news of the successful testing

of corona vaccines, helped push up oil prices to $50 a barrel by the end of 2020.