In this article, we will discuss the predictions on the possibilities of buy bitumen 85/100
and bitumen price 85/100 in 2021. We also will explore some factors affecting the bitumen and oil market in 2021.
The Iraqi Minister of Oil predicted that the price of oil in the first quarter of next year will be around $ 45 per barrel. In fact, the Iraqi Minister of Oil wrote: The federal budget bill
of the Iraqi government in 2021 is dependant on the forecast price of $ 42 per barrel of oil. Recently, the Iraqi Ministry of Oil announced that it exported more than 78 million barrels of oil in September,
generating more than $ 3 billion in revenue.
According to the Iraqi State Oil Sales Organization (Sumo), total Iraqi oil exports in the 30 days of September were 78.38 million barrels,
equivalent to 2.61 million barrels per day. Moreover, the average selling price of a barrel of Iraqi oil last month was $ 40.4.Therefore, the decline in oil exports due to the OPEC Plus agreement
has put pressure on Iraqi finances and has been challenging for the government,
which has struggled with the consequences of years of war and corruption.
Generally speaking, Iraq depends on oil revenues to provide 97% of its government budget. According to Reuters, OPEC Plus has been restricting supply since January 2017
to boost prices and reduce global oil surpluses, and in the latest round of deals in response to the
outbreak of the Coronavirus and the destruction of demand, it limited the supply to 9.7 million barrels per day from
May to July and increased its supply to 7.7 million barrels per day from August to the end of this year.
All these above-mentioned items are the predictions of the Iraq market of ” buy bitumen 85/100”
and the future of Iraq in the oil market in 2021. In the following, we tend to review some other predictions and factors that
will affect the bitumen and oil market in the following year.
The global coronavirus (Covid-19) started in Wuhan,
China, in December 2019 and spread at an alarming rate around the world, reaching more than 5 million people,
causing a major disruption to the world economy and oil market. As a matter of fact, Corona transmission made Europe the center of the epidemic by mid-March;
Spain, Britain and Italy became the
most affected countries on the Green Continent, and the number of victims accelerated at once.
Consequently, many petrochemical companies have suspended or delayed their ongoing projects
due to the negative effects of the epidemic worldwide and the sharp drop in demand for crude oil and fuel, followed by a sharp drop in global commodity prices.After China, the United States
had the most delays in implementing petrochemical and chemical industry projects.That is to say, these chaotic situations
will affect widely the future state of the global oil and bitumen market.Bitumen 80/100