Iraq bitumen price

Iraq bitumen price depends on many factors in each period. Generally speaking, oil and other bitumen grades prices are dependents on some variables. However, the coronavirus pandemic has altered many aspects of global fields. In

the following, we will explore the coronavirus effects on the

Iraq bitumen price, Middle East bitumen and oil prices.


Latest Bitumen Price

What has Corona done to the world economy?

As the reports show, the global corona epidemic has infected people in

188 countries. In the following, we will see the economic impact of the

virus on the world economy in various ways:

Stock market and the Iraq bitumen price

As the number of Covidien increases, all major stock markets around the

world, including Dow Jones, Futsi and Nikki, have seen a sharp decline. In other words, shares of Dow Jones and Futsi fell the most in the first three

months of 2020 since 1987. In response to this sharp decline,

central banks in many countries have cut bank interest rates. Generally,

global markets are better off with government intervention, but some

analysts say markets are still fragile due to fears of a second wave of the virus. According to the International Monetary Fund, the US unemployment

rate has risen to 4.10 percent. This situation shows that the period of

growth and expansion of one of the largest economies in the world is over.

Besides, they provide the way information varies from country to country,

with France, Germany and Italy, for example, publishing job application

statistics, but the UK announces the number of people who have registered

for government assistance. Of course, there are now signs of an

improvement in the world labor market. According to LinkedIn, in China

and France, with the lifting of restrictions imposed due to the corona,

the employment rate has now increased. Some experts have warned

that it may take years for the employment situation to return to

pre-epidemic levels.

The risk of recession and the Iraq bitumen price

As a matter of fact, the International Monetary Fund has announced

that the world economy has shrunk by 3% this year. According to the agency,

the current recession is the worst since the “Great Depression” of 1930. Moreover, the International Monetary Fund has said the current crisis is

“unlike any other” but expects global growth to reach 8.5 percent next

year, provided the virus outbreak declines in the second half of 2020.

Tourism-related industries

Roughly speaking, they have hit hard the tourism industry and related services. Airlines cut flights and customers canceled vacations and business

trips, respectively. Many countries also imposed travel restrictions to curb

the spread of the virus. However, with the spread of the virus in some

areas, these industries have also started working again. In Spain,

for example, borders are open to European visitors without the need

for quarantine. The country has been under the most severe

restrictions in Europe for months.

Oil and Iraq bitumen price

In fact, demand for oil also fell as restrictions on the corona outbreak

and imposed homelessness. On the other hand, the price of crude oil,

between OPEC and Russia, had previously affected which, fell sharply

due to the corona. Moreover, Brent crude, used as a benchmark in Europe

and the rest of the world, fell below $20, the lowest level in 18 years. Recently, with the lifting of the traffic ban in some countries and rising demand,

oil prices have also risen.

Consumer trust and the oil market

As people moved into the house, the number of customers visiting the

business units decreased at an unprecedented rate. Nevertheless,

according to the Shapertrack Research Institute, the number of pedestrians

on the streets has recently increased again. Another study shows that

consumers are still worried about returning to stores.

Hope to make a vaccine

Many countries around the world have promised to spend billions of

dollars on the corona vaccine. Respectively, several pharmaceutical

companies have also competed in the preparation and testing of possible

drugs to return the world to a “normal” state with these drugs. Hopes

for approval of some of these drugs led to a sharp rise in the stock value

of some of these companies. For example, they recorded the value of

AstraZeneca shares. The company said it could produce two million doses

of the vaccine. Demand for this product has been increasing in some

parts of the world, such as Asia; however, other factors, such as the

efforts of major oil producers such as Saudi Arabia, have not been

ineffective in limiting production in this area.

Iraq bitumen price and the oil market

Technically speaking, the outbreak of the corona has had a devastating

effect on the oil industry and its affiliates, which, in addition to lowering

prices, has led to the dismissal of employees of oil companies and the

forced reduction of their costs. Additionally, air traffic has dropped

by about 70 percent year-on-year, according to the International Air

Transport Association, as air travel has declined due to corona-related

restrictions and border closures.

To sum up

Yet, with the increase in online shopping due to numerous quarantines,

fuel demand increased to some extent due to the increase in the volume

of goods transfers. Notwithstanding, oil demand is still far from normal

market conditions; The International Energy Agency said last month

that economic recovery could delay demand for oil prices back to normal

for years. As the final point, the oil market has seen a drop in prices since

the beginning of last year, as the activity of many industrial units reduced

or stopped after the corona outbreak, and the closure of borders

and the cessation of air travel affected demand.