In Iran, rising transportation and local costs are pressuring bitumen prices, challenging exporters amid falling oil prices.
On Thursday, Putin cautioned the United States and the West that Russia can supply weapons to other nations to target these areas. This was in response to the U.S. and its allies allowing Ukraine to use their weapons to strike Russian targets.
Meanwhile, as international mediators prepare for negotiations in Qatar regarding a ceasefire and hostage release between Israel and Hamas, Israel launched new military operations in central Gaza. Reports of intense bombings emerged, with Israel claiming they targeted Hamas locations.
Meanwhile, Brent crude oil prices hit their lowest in four months last week. Reuters reported that as global Brent crude markets adjust to OPEC members’ decision to increase supply by the end of 2024 and with rising crude oil storage in the United States, oil prices dropped to their lowest point in four months during trading on Wednesday, June 5th.
Helima Croft, an analyst at RBC Capital Markets, commented: “With part of the global oil markets closely monitoring OPEC’s proposed timeline for supply cuts through the end of summer, the increase in storage and shifts in commodity market dynamics have changed the trend in oil prices.”
Simultaneously, Saudi Arabia’s energy minister announced that if there is insufficient demand to absorb the available oil supply, OPEC will halt or reverse its supply reduction measures.
■ Prices in the World
Due to the decline in oil prices, Singapore’s CST180 dropped to $489. Bitumen prices in Singapore and South Korea were $425 and $385, respectively.
Bahrain’s bitumen price remained stable at $480.
In Europe, bitumen prices ranged between $460 and $520.
India’s bitumen prices fell by $4.5 on June 1st, with no further predictions for mid-July. Given the drop in crude oil prices and the monsoon season, additional decreases in India’s bitumen prices are anticipated.
In Iran, bitumen prices have been further pressured by increased domestic transportation costs and local expenses. This has created additional challenges for exporters who are trying to maintain their market position amid falling oil prices and rising costs.
