One-fourth of Ukraine’s population is seeking assistance as the Russian-led conflict against that country enters its first year. However, in a unilateral move, Russia announced a 500K barrel reduction in production beginning on March 1. It is still unknown whether this choice will cause oil prices to soar or whether it will fail, much like the decision to stop gas export to Europe.
When the US repeatedly shot down Chinese balloons in its airspace, many analysts expressed concern about the emergence of a “New Cold War.”
China News urged the US to pursue a more optimistic political course on February 9. They hold that there shouldn’t be competition in the business world. We should observe what occurs before deciding if it will have an impact on the energy world.
There was extensive damage from the powerful earthquake that struck Syria, Turkey, and Iran. The Turkish government is allegedly unresponsive, and this could have an impact on politics and the economy.
Singapore’s fuel prices barely changed over the past week. The price of fuel for the CST 180 remained around $410. Bitumen prices in Singapore and Korea were both between $505 and 510, respectively. Bulk bitumen from Bahrain still costs around $325.
On February 15, the price of India bitumen rose by 7.5 dollars. In India, this is the first price increase since 2023.
It is unlikely that the price will rise above this point in Iran, despite all predictions for a rise in VB and fierce competition among refineries.
The decline of the Rial against the dollar is to blame. Although the price of raw materials is rising, we cannot ignore it because it may stay the same for some time.
Comparing February to January, it appears that the bitumen export increased. However, bitumen traders should be more cautious about their purchases due to the numerous market factors that contradict one another.
This article was prepared by Shirin Yousefi, the Content specialist and market analyst of Infinity Galaxy.