Density of bitumen 80/100

Density of bitumen 80/100

In this article, we will talk about the density of bitumen 80/100, the bitumen

and oil market, the news and the important global variables in this regard. Respectively, the first news is about the Iraq oil market. As you might know,

Iraq is one of the superpowers in supplying oil and bitumen grades. Now, let us move to the news.

Iraq will reduce crude oil supplies to India in 2021

The Iraqi Oil Trading Company has reduced the number of annual contracts

with some Indian refineries to offset last year’s production surplus. In a rare

move and to stay committed to the OPEC Plus production cut,

Iraq has cut Basra’s annual crude oil supply to several Indian

refineries by 20 percent by 2021, according to the news agency. In other words, the Iraqi Oil Trading Company,

Sumo, has reduced the number of Basra oil contracts with

several Indian refineries by 10 to 20 percent by 2021.

Density of bitumen 80/100 and the global news

According to one Indian refinery, the analysts did not expect the move from

Iraq, and now the refineries are about to look for alternatives to Iraq as

they prepare to increase their operations amid rising demand for fuel. Moreover, sumo has told Indian refineries to reduce the number of annual contracts

with all Asian buyers to offset last year’s production surplus. Generally

speaking, Iraq has always struggled to commit to a deal to reduce

OPEC Plus production. Besides, Baghdad heavily depends on

oil revenues to support the country’s economy.

Density of bitumen 80/100 & Iraq oil

In early January, Iraqi Oil Minister Ehsan Abdul Jabbar said they

committed him to OPEC decisions and would make up for his surplus. Moreover, India on Tuesday criticized the recent move by some OPEC

members to cut production, saying it had led to customer uncertainty

and rising global oil prices. Respectively, Sumo has reduced the

number of contracts for the supply of oil to the Indian Oil Company,

But , the country’s largest refinery, by ten percent to about 350,000 barrels per day. It’s good to know that Iraqi oil supplies to India’s Mangalore refinery

Also ,fell 17 percent to 50,000 barrels per day. Iraq also plans to cut oil

supplies to the Bharat refinery by 25 percent to 100,000 barrels per day. Additionally, negotiations between Iraq and India continue.

It’s needless to mention that the decline in Iraqi oil supplies to India

comes as the country recently signed a $2.5 billion contract with

China’s Geneva Oil Company for 48 million barrels of crude oil in Basra.

$56 oil forecast for the first quarter of 2021

The US Energy Information Administration predicts that oil prices will

average $56 a barrel in the first quarter of 2021 and average $50 a

barrel by 2022, given the decline in global oil supply. In its January

report, the agency expects global energy demand to outpace

supply in 2021, especially in the first quarter, which will reduce oil reserves,

the US Energy Information Administration said in a January report. As a result, we expect Brent crude oil prices to rise from an average of $50 a barrel in

December 2020, averaging $56 a barrel in the first quarter. Moreover, the

agency forecasts average Brent crude oil prices between $51

and $54 a barrel by 2022.

Density of bitumen 80/100 and the global market

The US Energy Information Administration expects production increases

from the OPEC Plus coalition to be very limited. Saudi Arabia has

announced that it will voluntarily reduce its oil production by

one million barrels in February and March. Despite this reduction in

production, the US Energy Information Administration predicts

that the group’s oil production will average 27.2 million barrels

per day in 2021, which is higher than the estimated 25.6 million

barrels per day for 2020.

As a matter of fact, the US Energy Information Administration predicts

But , that oil production in the bottom 48 states except for the Gulf of

Mexico will decline in the first quarter of 2021 and then gradually increase

by the end of 2022. In fact, we estimate the US crude oil production in

the region to average 7.9 million barrels per day in 2021, and total US

crude oil production will reach 11.1 million barrels per day,

which is less than in 2020.

Density of bitumen 80/100

Currently, the US Energy Information Administration expects new

restrictions imposed by the Coronavirus epidemic to continue to drive down

oil demand in the winter, but global GDP will grow by 5.4 percent in 2021

and 4.3 percent in 2022, boosting energy consumption. In other words,

the agency predicts that global liquid fuel consumption will average

97.8 million barrels per day in 2021 and 101.1 million barrels

per day in 2022, which is not far behind 101.2 in 2019.

India’s readiness to import Iranian oil during the Biden period

India hopes to resume oil imports from Iran and Venezuela during

Also , Biden’s presidency by changing US policies.

But , According to the news agency, quoting Oil Price,

Indian Oil Minister Dharmendra Pradhan

said in a TV interview that he hopes to import more oil from the

two countries under the new US administration and by reducing

restrictions on Iranian and Venezuelan oil exports. “Some geopolitical

changes are underway,” he said, referring to the policies expected of

the new US president. As a matter of fact, the Indian oil minister

said the world’s third-largest oil importer wanted to have more

opportunities to diversify its oil imports and resume oil imports

from Iran and Venezuela during Biden’s presidency.

Density of bitumen 80/100 and the USA

Worth mentioning that the Trump administration has imposed sanctions on

Iran and Venezuela since 2018 to reduce the two countries’ oil sales to zero. However, Biden has promised to pave the way for Tehran to pursue

diplomacy and return to the agreement. In May 2019, India suspended oil

imports from Iran and significantly reduced oil purchases from

Venezuela, following stricter sanctions against Iranian and Venezuelan oil exports,

which also included traders with the two countries.

 

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