In Iran, prices held steady in comparison to the previous week’s market. Moreover, bitumen prices in Europe remained largely unchanged.
The largest exchange of prisoners between Ukraine and Russia occurred in early January 2024 amidst the ongoing war, coinciding with heavy missile attacks from both sides. Meanwhile, the conflict between Hamas and Israel has entered its third month, with continuing Houthi attacks and no resolution in sight, leading to the Red Sea route remaining closed despite efforts by the USA coalition.
Meanwhile, according to Reuters and various predictive institutes, OPEC is projected to experience a decline in oil demand during the first half of 2024. Consequently, the export share of OPEC nations in the global markets for 2024 is anticipated to drop to its lowest point since the COVID era due to reduced production and Angula’s departure from OPEC. Additionally, on January 3, the deputy prime minister of Russia revealed that half of Russia’s crude oil was exported to China in 2023.
On Wednesday, January 3, oil prices surged at the onset of 2024 due to concerns over potential disruptions in Middle East oil supply amidst growing unrest in the Red Sea, optimistic projections for increased demand, and the release of economic data from China. However, on January 4, there was a slight decline in crude oil prices.
By January 4, Singapore’s HSFO CST180 had reached 441 USD, while the price of bitumen closed at 450 USD with a decrease of 5 dollars.
South Korea experienced a 5-dollar drop in its bitumen price, settling at 375 USD.
At the close of 2023, bitumen prices in Europe remained relatively steady, and Bahrain’s bitumen was traded at 400 USD.
On the first day of 2024, the bitumen price in India dropped by 20 USD, yet market participants are anticipating a more encouraging scenario in January 2024.
Iran Bitumen Market in the First Week of 2024
In Iran, prices remained relatively stable compared to the previous week’s market, despite a slight uptick in competition levels among refineries in the VB sector.
The industry is hopeful for a turnaround in the new year after a prolonged period of recession. It appears that buyers in certain markets have opted to finalize their deals following the conclusion of the holidays, indicating optimism for the future.
This article was prepared by Shirin Yousefi, the Content specialist and market analyst of Infinity Galaxy
