Density of bitumen 60/70

In this article, we will get to know more about the density of bitumen 60/70. Moreover, we will explore some news about the oil and bitumen market. Goldman Sachs Investment Bank said the initial steps taken by

Joe Biden’s government would help support the oil market this year and

next year, according to the news agency, quoting Bloomberg. To be more specific, Goldman Sachs analysts wrote in a Jan. 21 note that a focus on fiscal spending,

a lack of urgency in lifting sanctions on Iranian oil, and restrictions on the

North American energy industry would help support oil prices.

Goldman Sachs: Biden’s first steps are good news for oil prices

Oil markets have been growing since late 2020, the start of the global

corona vaccination has pushed oil prices to their highest level in months,

and investors are optimistic about the fuel outlook. Besides,

providing rising demand in the form of fiscal stimulus will keep oil prices rising. At the same time, the growth of the oil supply is under control. In fact, US shale

oil producers are focusing on improving their financial situation, and

Saudi Arabia has promised to cut production in the next two months to

help rebalance the market. It does not seem that Iranian oil shipments

will return to the market anytime soon.

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It’s also good to know that Goldman Sachs raised its forecast for

additional funding from $750 billion to $1.1 trillion after announcing

Biden’s corona aid scheme. The $2 trillion stimulus package in 2021 and

2022 could boost US oil demand by 200,000 barrels a day and further

weaken the dollar. Moreover, the investment bank does not expect the

60-day postponement of federal oil and gas drilling licenses to have a

significant impact on production activity in the short term. However, it shows

the priority of the new government’s environmental plans,

which will increase production costs in the end.

Biden suspended the US oil and gas drilling licenses for 60 days

As the reports show, Biden stopped licensing oil and gas drilling on

federal grounds and leasing public energy reserves to live up to its promise

to combat climate change. Specifically, the Biden government announced

on Thursday that it would suspend licensing of oil and gas drilling in

US public lands and waters for 60 days, the Colorado Sun reported,

citing the Colorado Sun. The order is part of the Department of the

Interior’s efforts to review government plans. Besides, the move follows

Biden’s campaign promise to stop drilling on federal land and end the

lease of public energy reserves as part of his plan to tackle climate change.

An order signed by the US Secretary of the Interior implemented immediately

the suspension of oil and gas drilling permits.

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This order does not cover

current oil and gas operations under valid licenses. In addition to the above,

this means that oil and gas activities on millions of hectares of land in the

Gulf of Mexico will not suddenly stop. The order also suspends

licensing of mining and land sale and exchange programs.

The State Department statement comes as it strongly opposes the

US Petroleum Institute, the main oil industry trade group,

which has said it is restricting access to public energy resources,

meaning more oil imports, job losses, and lower tax revenues. “Delaying US energy programs is hurting public communities and

hindering the growth of the economy,” Mark Summers, president of the

American Petroleum Institute, said in a statement.

Density of bitumen 60/70 & the oil market


oil and gas extracted from US public lands and waters account for about a

quarter of the country’s annual output. Extraction and incineration of these

fuels release about 55 million tons of greenhouse gases into

the atmosphere annually.

Increase the number of US oil and gas wells to 430

As a matter of fact, with the end of the New Year holiday season and the

start of the 2021 budget program, the number of US oil and gas wells

has increased by 6 wells in the week ending January 20 to 430. As the reports show, the number of US oil and gas wells increased by six per week to

January 20, reaching 430, improving the prospect of exploration and

production activities in 2021 based on higher oil prices and increases.

The number of Permian oil wells in West Texas and New Mexico has increased

by four to 194. Thus, the increasing trend of the number of these wells

continues since the recession in August. In fact, the number of wells in

this extensive oil field has reached its highest level since May 2020,

when the entire US oil industry was collapsing due to low oil prices because of

the Coronavirus epidemic.

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Analysts believe that the recent increase in the

number of oil wells in the United States is probably due to the end of the

holiday season and the beginning of the 2021 budget program. It is also worth mentioning that West Texas Intermediate averaged 53.04 per barrel,

up 75 cents, in the week to January 20. Nevertheless,

US natural gas prices have fallen to about $2.63 per million BTU.

The Saudi-Russian war over oil sales to China

Last year, Saudi Arabia became the largest exporter of oil to China in

close competition with Russia for the sale of crude oil. In other words,

Saudi Arabia became the largest exporter of crude oil to China in close competition with Russia for crude oil,

according to the news agency, quoting Rashatoudi. According to China’s

General Administration of Customs, Saudi Arabia passed Russia and

exported an average of 1.69 million barrels per day of oil to China. Russia’s

oil exports grew faster than Saudi Arabia last year,

by 7.6 percent compared to 2019.





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