Iran’s market recorded over 60,000 vacuum bottom sales with 4% competition among manufacturers. Despite export challenges, bitumen prices are rising.
The first U.S. presidential debate occurred, and many viewed Trump as the winner. Subsequently, Democratic pressure on Biden to withdraw from the election intensified.
Meanwhile, Iran’s run-off presidential election is scheduled for July 5. The candidates have vastly differing economic and political agendas, and the winner will shape Iran’s policies for the next four years.
In France, the far-right party won in the first round of the parliamentary election, indicating a troubling rise of extremism in Europe.
The U.K. is conducting a snap election to decide England’s political future.
The Shanghai Cooperation Organization Summit took place in Kazakhstan, where the bloc’s political, economic, and security issues were discussed.
In the energy sector, Baker Hughes, the American energy company, reported that the number of U.S. drilling rigs has fallen to its lowest point since December 2023. The number of oil and gas rigs generally serves as an early indicator of future production. Simultaneously, the U.S. Senate is investigating potential collusion between U.S. oil companies and OPEC, with over 17 oil companies accused of working with OPEC to prevent oil prices from dropping.
Meanwhile, Asian commercial sources suggest that Saudi Arabia might reduce the official selling prices of crude oil to Asian customers in August, reflecting global economic pressures and slowing growth.
On July 4, Brent crude oil prices exceeded $85 per barrel. At the same time, Singapore’s CST180 closed at $515. Bitumen prices in Singapore and South Korea remained steady at $460 and $410, respectively.
In Bahrain, the bitumen price was set at $450, while in Europe, prices ranged from $460 to $540.
On July 1, India saw an unusual bitumen price increase of $8.5 during the monsoon season.
■ Market In Iran
In Iran, after several months, the market saw a record of over 60,000 vacuum bottom sales and purchases, with an average competition of around 4% among manufacturers.
Despite ongoing export logistical challenges, it appears that bitumen prices in Iran are starting to rise after months of stagnation.
