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.