According to Russia, they have downed a Ukrainian drone, which signifies the initial use of drones by Ukraine in an attack against Russia.
FATF, the international organization responsible for preventing money laundering and terrorist financing, has revoked Russia’s membership and maintained its blacklisting of Iran and North Korea.
As of March 2, 2023, oil prices have been unsteadied, and although some countries are anticipating an increase in interest rates, oil prices have not surpassed the resistance level of 80 USD. Concurrently, Emirates refuted any claims of exiting from OPEC, causing a technical upswing in oil prices within the markets. Nonetheless, some slight hindrances have emerged along this upward trajectory, hampering the oil price’s growth, and it appears this trend will continue.
The cost of fuel in Singapore experienced a significant surge, and prices of bitumen differed across various nations, while India’s need for bitumen persisted throughout March.
Complexity of Iran Bitumen Market
Iran’s bitumen prices are being influenced by multiple factors, including the devaluation of Rial, rising production expenses, and a scarcity of raw materials, all of which have contributed to a complex situation.
The sole encouraging update pertains to the substantial decrease in sea freight charges from China’s primary harbors.
Exportation is encountering further hurdles, and market participants are recommended to exercise vigilance while monitoring the fluctuations in the market.
This article was prepared by Mozhdeh Darbandizadeh, the Content specialist and market analyst of Infinity Galaxy.
