Iran bitumen 60/70 price

Generally speaking, Iran bitumen 60/70 price is an important subject matter

in the global oil and bitumen market. Since the Middle Eastern countries are powerful in supplying different grades of bitumen,

oil and other petrochemical products, their prices, market, and demands

are determinative. While the discovery of the Corona vaccine had significantly boosted hopes of reviving oil demand in 2021,

the International Energy Agency said in a new report that demand recovery would be slower than previously expected. In other words, the discovery of the

Corona vaccine and the possibility of its global distribution in 2021,

along with a significant reduction in oil production in Saudi Arabia,

led most analysts to believe that the oil market situation in 2021 will be

better than in the past, according to the Oil Energy Group.

Latest Bitumen Price

International Energy Agency & concern about the future of the oil market in 2021

In fact, it becomes a positive and important development in Iran bitumen 60/70 price. But now, with the spread of a new type of coronavirus around the

world and the establishment of regional quarantines in some countries,

hopes for the future of the oil market in the new year have diminished again. While Platts’ analysis shows that oil demand will increase by 5.3 million barrels per day in the New Year,

the International Energy Agency reduced its previous forecast to 5.7

million barrels of oil demand in the New Year. Thus, the new report of

the International Energy Agency has reduced the increase in demand for

oil in the New Year by 170 thousand barrels per day compared to

the previous report.

Following a new type of coronavirus in the UK and its spread to other

countries, the world is witnessing a fresh wave of travel quarantines in

some European countries. The disease has also led to widespread

restrictions in some UK’s most populous cities. As a matter of fact,

all of these reduce the demand for aircraft fuel. As a result, in a

new report by the International Energy Agency,

the outlook for the increasing oil demand is darker than in the previous report.

Iran bitumen 60/70 price & the global market

To be more specific, the report states that 80% of the reduction in

fuel consumption in 2021 will be due to the declining demand for aircraft fuel. In addition to declining demand due to the resurgence of the corona,

rising oil production in some OPEC countries by 2021 has also raised

concerns about strengthening the oil market in the New Year. Besides, Libya is at the forefront of these countries. While oil production in the country reached

its lowest level at the beginning of last year due to armed conflict between

the forces involved, in recent months, following some agreements

between these groups, Libya’s oil production is now at one.Iran bitumen 60/70 price

Respectively, Iran and Venezuela are also about to have an extra 600,000

barrels of oil to their production line last month. The oil production of these two countries may increase in the New Year. All of this suggests that the

International Atomic Energy Agency’s concern about a rising demand for

oil in the New Year, which is in its recent report, could not be far from

the realities of the oil market. The UAE has warned US shale companies

to increase oil production, saying it would hurt the market. According to the

UAE Minister of Energy, any attempt by US shale oil producers and

other producers to increase production this year will backfire

and lead to lower prices, according to the UAE Energy Minister.

Iran bitumen 60/70 price

Although oil prices have risen over the past two months

with the production of Corona vaccines, some producers have

resumed production last week. In other words, last week, Saudi Arabia

said it would unilaterally cut crude oil production by 1 million barrels per

day in February and March, a move the Saudis described as a

“gift” to other producers. This has led the International Energy Agency

to conclude that shale companies, which faced declining production last year

due to the outbreak of the Coronavirus and declining energy demand,

will now benefit from a resurgence.

Iran bitumen 60/70 price & the demands in the Middle East

“Although the demand is still fragile, it is wise for them (shale oil producers)

not to start an oil war or overproduce during the recovery period,

” UAE Energy Minister Soheil al-Mazroui said in an interview. “They must be careful not to put pressure on the market.” The Saudis’ decision to

cut production for two months came as a resumption of travel bans in Europe

and Asia and a resurgence of the Corona outbreak in the United States. “Global oil demand will not return to pre-corona levels by the end of 2021 or early 2022,” Mazrouei said. He said he was confident that OPEC Plus countries would be

able to regain any market share they had lost when demand reached

pre-corona levels.

Iran bitumen 60/70 price

“As OPEC countries, we are the least expensive producers in the market,” he said. Abu Dhabi plans to increase its production capacity from the current 4.2

million barrels per day to 5 million barrels per day by 2030 and to start

trading its crude oil on the stock exchange so that this product can function

as a benchmark for Middle Eastern oil. “These moves enable us to compete

and allow us to supply this amount of oil to the market if essential,”

said the UAE energy minister. “If we want to look at the market in the short

term, the market’s ability to absorb the return of Saudi barrels in

April depends on the success of vaccination in large economies,” Mazrouei said.

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