Buying bitumen
In this article, we will explore the items that are going to affect the bitumen price, buying bitumen and oil price in 2021. A few weeks after British Petroleum and Shell cut oil prices in the long run,
Eni cut its oil price forecast for 2020 to 2024. The Italian oil company Eni has lowered its long-term forecast for oil prices,
saying the Coronavirus epidemic will have a lasting impact on the world economy, the energy industry, and buying bitumen.
To be specific, Eni expects Brent crude to be around $ 60 a barrel in 2023, up from $ 70 a barrel earlier. Brent crude is about to hit $ 40,
$ 48 and $ 55 a barrel between 2020 and 2022, respectively. Generally, the company had previously forecast prices of $ 45,
$ 55 and $ 70 per barrel. In addition to lowering the outlook for oil prices, the Italian company said it was still
committed to reducing carbon consumption and accelerating its efforts to transfer energy.
How the pandemic will affect the oil and bitumen market in 2021?
“Despite the lasting effects of the coronavirus epidemic on the global economy and the company’s economic conditions,
we are emphasizing our strategy to be a pioneer in the decarbonization process and are exploring how to accelerate our plans,
” said Claudio Descalzi, CEO of Eni.
“This change will allow our company to have a more balanced program and reduce our vulnerability to hydrocarbon price volatility,” he said. “Our goal is to achieve stability and profitability,
and we are moving in that direction.”On the other hand, BP warned last month that the average outlook for
Brent crude between 2021 and 2050 would be $ 55 a barrel.
OPEC selection for the 2021 oil market & buying bitumen
The world of economics believes that the impact of low oil prices on producers in 2020,
especially in the Middle East, is not hidden from anyone. But what do these countries, most of which are members of the Organization of the Petroleum Exporting Countries (OPEC)
and a larger group called OPEC Plus, which has 10 other members,
have plans to manage the market next year? In appearance,
OPEC and OPEC Plus, which includes Russia as the most important non-OPEC country, are trying to raise prices. However, the reality may be something else. In fact, Saudi Arabia tried to hit the emerging shale industry in the
United States and several other countries by sending floods of oil barrels to the market and lowering prices,
which cost much more than producers. However, this was not possible and shale companies with
technological initiatives were able to reduce production costs and resist low prices.
