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The latest bitumen price
Bitumen price list : Analyzing the sharp rise in the latest bitumen price, the oil market authority explained:
“Bitumen is an oil product whose main reason for determining its price is affected by market demands and peak consumption seasons.”
As a matter of fact, various factors affect the latest bitumen price and oil price,
the most important of which is the amount of supply, demand, and reports published by international organizations.
All impact the final and latest bitumen price of each day.
How crude oil affects the latest bitumen price?
Crude oil which we know as a precious substance is one of the most expensive commodities in the world and its price affects the economic ecosystem at every level, from household budgets and corporate income to gross domestic product.
Oil prices are changing in response to several reports about countries’ policies and global market fluctuations. On the other hand, rising and falling oil prices are also affecting global trade.
Oil prices were trading at $105 a barrel in 2014 but have been declining since the middle of the year to less than $30. The highest oil price in 2018 was about $85.
How the latest bitumen price is determined?
Fluctuations in oil prices in the market depend on various items, about which we talk in this report:
Supply is the first determinant of the latest bitumen price and oil price.
Over the past decades, OPEC member countries have increased and decreased production through cooperation with each other and to manage supply and determine the oil and the latest bitumen price.
Although OPEC’s control over the global oil market has declined in recent years, its decisions continue to play an important role in the oil market.
Governments, oil companies, brokers, oil insurers, investors, traders, policymakers, and consumers are scrutinizing the organization’s decisions as closely as possible. OPEC policies, in turn, are influenced by geopolitical developments. Some oil producers in the world are either politically unstable or incompatible with the West. Issues related to terrorism and compliance with international law include these inconsistencies.
External factors affecting the latest price
Some other manufacturers are facing US and UN sanctions. Mostly supply disruptions caused by political events lead to higher latest bitumen prices. The Iranian Revolution, the Iran-Iraq War, the 1973 oil crisis, and the Gulf War are the most important examples. The Asian financial crisis and the global economic crisis of 2008 and 2009 also exacerbated oil price fluctuations.
Also, external factors affect the supply of crude oil and the latest bitumen price. These include climate patterns, exploration and production costs, investment, and innovation.
Demand is the second most important factor in determining oil prices and the latest bitumen price.
High economic growth has led to an increase in demand for oil, which has changed the pattern of demand in countries around the world.
Oil consumption in OECD countries declined between 2000 and 2010, but increased by about 40 percent in non-member countries, according to figures released by the US Energy Information Administration.
Population growth, seasonal changes, and transportation are other factors that determine the oil and bitumen demands. Regularly, oil consumption rises during the travel season and in the winter.
Reports are the third factor determining oil prices and the latest bitumen price.
Reports on production, overcapacity, pricing, and investment are other factors determining crude oil prices.
To be more specific, reports from China’s National Bureau of Statistics, as well as quarterly reports from the US Department of Commerce’s Office of Economic Analysis and Statistics on GDP, have a significant impact on oil prices and the latest bitumen price.
Oil’s direct effect on the latest bitumen price
Oil has been the driving force behind the world economy for many years. Even today, when most countries are looking for alternative fuels, life without crude oil is unthinkable. Carbon-based fuels are used in light and heavy products. They are used in the manufacture of chemicals, textiles, detergents, medicines, and all sectors of the transportation industry.
Thus, it can be said that oil companies and oil-rich countries are strongly affected by changes in the market and the fall in oil prices and the latest bitumen price.
Crude oil has been one of the most important materials in the industry since the 1950s, especially in the transportation industry. The latest bitumen price and the price of crude oil depend on supply and demand. Before explaining the factors, it is best to first get acquainted with the types of crude oil.
Crude oil is divided into several categories according to its qualities:
Sweet crude oil : Oil with a sulfur content of less than 0.5%.
Sour crude oil : Oil with a sulfur content of more than 0.5%.
Heavy crude oil : High-viscosity oil has a high percentage of oxygen and nitrogen, as well as a high density. This type of oil is mostly found in Canada and Venezuela.
With these compounds, there are approximately 161 types of oil in the world.
But in commercial terms, crude oil has three important categories:
Brent oil, which is mostly extracted from Europe, is sweet and light.
WTI oil, which is extracted from the western United States and is sweet and light, is usually a few dollars cheaper than Brent oil.
OPEC oil, which is heavier than Brent oil and lighter than WTI oil, is usually priced between WTI oil and Brent oil.Iraq Bitumen price
fourth in terms of oil reserves and the sixth-largest producer, and can play an important role in the latest bitumen prices and oil prices. That is why any sanctions imposed on Iran’s oil exports will have a direct influence on world oil prices. But more important and prominent than Iran are a group of countries that have become members of an organization called OPEC to have a greater impact on global oil prices and the latest bitumen prices to maintain high prices by controlling oil supply.
As we have explained above, the bitumen market including the demands,
the price fluctuations, the production, imports and exports depend on
some global variables some of which are the oil market, crude oil and
the global economy. That’s why we update our market analysis every week.