As we all know, the notion of ” buy bitumen in Cameroon ” depends on
some variables about which we will talk about in the following. Generally speaking, black gold improved its position and rose in price after
Tuesday’s worrying drop in trading in Asian markets today. To be more specific, the extension of OPEC Plus production cuts and the unexpected drop
in US oil inventories led to an upward trajectory. Meanwhile, US Bank
Morgan Stanley adjusted its forecast for Brent oil prices by the end of 2019. After experiencing a $3 drop yesterday, oil started trading higher today and
could offset part of Tuesday’s decline.
West Texas Intermediate (WTI) crude for August delivery rose 0.3 percent
to $56.4 a barrel in electronic trading on the New York Mercantile Exchange. Besides, Brent oil for September delivery rose 12 cents, or 0.2 percent,
to $62.5 a barrel. On Monday, OPEC leaders and their allies, such as
Russia, agreed to set aside a dispute over the extension of production
plans to reduce the oil cartel until the end of March 202. The OPEC Plus
meeting showed that member countries are standing together in hard
times to restore balance to the global oil market because of the
weakness of the global economy.
Lately, the American Petroleum Institute (API) also announced in its weekly
report that the level of US commercial oil inventories has fallen far
beyond the expected 3 million barrels to 5 million barrels over the past week. Currently, the US Energy Information Administration (EIA) will release
official data on US black gold trade reserves.
As a matter of fact, we implemented the OPEC reduction plan to reduce the
level of OPEC trade reserves. Extending this plan for another 9 months
could further affect the oil market and raise the price of this valuable material. However, signs of a weak global economy threaten the outlook for oil demand. In other words, weak economic indicators, especially in the industrial sector
in various countries from Southeast Asia to the European Union and the
United States, as well as the opening of a new front in the trade war by
the United States and imposing tariffs on European goods, show that there
are many opportunities for global economic development. Furthermore, they can affect the demand for this valuable substance.
Roughly speaking, the British bank Barclays has reduced its forecast for
oil demand growth this year to less than one million barrels per day,
which is unprecedented since 2011. Morgan Stanley also revised its
long-term forecast for Brent crude from $65 to $60 a barrel, balancing the
current global oil market by the end of 2019. In sum, signs of
improved Venezuelan oil exports in June and growth in
Argentine oil production in May also kept up the pressure on black gold prices.
Below, you have a list of mandatory documents for bitumen import to Cameroon.
Pro Forma Invoice (PI): Primary approval of the agreement to sell a specific amount of bitumen
Commercial Invoice (CI): Details of the ultimate deal required for customs clearance
Packing List: Information on the exported goods
Certificate of Origin (CO): Defining the eligibility of the exported goods at the origin
Original Bill of Lading (BL or BOL): Transit information
Certificate of Origin of UAE Chamber of Commerce: Showing the eligibility of the exported goods
International Cargo Insurance: The insurance issued by a top international insurance company
BESC Certificate: A waiver certificate to control, supervise and manage import/export traffic of goods