VG 20 Bitumen
VG 20 bitumen is one of the most applicable bitumen grades about which we
are going to mention some news and useful information. The first news in
this regard is the fact that Kuwait has made three new oil and gas discoveries,
one of which is near the Burgan field, the country’s largest oil field.
Kuwait, an abundant source of VG 20 bitumen, discovers three new oil and gas fields
To be more specific, Kuwait Oil Company has discovered the Homaah oil field
in the northwest in an area of 70 square kilometers with a daily production
rate of 1452 barrels per day of light oil, Kuna State News Agency reported, quoting Mohammad al-Fars, Kuwaiti Oil Minister. Besides, this exploration
is significant because it has been in the area without exploration in the
western and northwestern parts of Kuwait. The second exploration was at
Al-Ghashaniyeh field in northern Kuwait, close to the Roztin and Al-Sabriya
fields, and produced 1,819 barrels per day of light oil with a density of 49 API
and 2.78 million cubic feet of gas per day.
They also discovered conventional oil in North Burgundy at a production
rate of 2,000 barrels per day from several wells drilled in 2020. It’s also useful
to know that the Kuwaiti State Oil Company intends to increase drilling
activities in these explorations to boost production. According to the latest
S&P Global Platts poll, Kuwait produced 2.3 million barrels per day in
November, slightly higher than the 2.297 million barrels per day quota set by
the OPEC Plus agreement. According to Platts, BP’s 2020 World Energy
Review report showed that Kuwait had about 101.5 billion barrels of proven
oil reserves by the end of 2019, which was not much change compared to
2018 and was equivalent to 5.9% of total world reserves.
More about the oil market and VG 20 bitumen
Also , Respectively, UAE inflation remained negative for the 22nd consecutive month. More specifically, inflation of the second-largest Arab economy reached
its lowest level in three months. According to the Oil price,
quoting Trading Economics, the downward trend in prices in the southern neighbor will continue as;
the UAE inflation rate remained in the negative range in November.
Moreover, this inflation rate, which is the 22nd negative monthly inflation,
has been most affected by the decrease in the culture’s price and
education sector, whose inflation rate has reached negative 24.80%. According to the UAE Statistics Center,
inflation in the transport sector is negative at 6.18%. Besides,
they related the highest inflation to clothing and apparel by 8.14 percent
and food by 3.06 percent. Among other sectors, the inflation rate of
the restaurant and hotel sector is 2.78%.
