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.
Density of bitumen 60/70 & the market
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.
Density of bitumen 60/70 & the global matters
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.
Density of bitumen 60/70 & the bitumen market in the world
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.