Russia Production Cut
Bitumen and petroleum products could climb higher because of more demand. In addition to demand, Refineries and producers have faced an increase in raw material costs. The climate changes and cold also have disrupted the supply chain. All these factors have caused a climb in prices in most regions.
The crude oil also increased during last week. Although we can expect a slight correction of the price, the rising trend can continue for oil to touch 90 $ once again. Russia announced a new cut in production in March. The news of the cut has not yet affected the market much but it is wise to wait to see the effect in March.
Earthquakes in Turkey disrupted the supply of products and the main ports of trade in the country.
In the Middle East, the new steel drum bitumen is volatile in the range of $390 – $400 and the bulk bitumen is in the range of $315 – $325. The bulk of Singapore is volatile in the range of $500 – $510 and South Korea is currently $ 425 – $ 435.
