In Iran, the uncertainty is prevailing in bitumen and petroleum products due to domestic and international mixed sentiments.
Oil prices remained steady until November 22, just before Thanksgiving and the scheduled OPEC+ meeting. However, they suddenly dropped by about 4% due to the meeting’s postponement. Bloomberg reported Saudi Arabia’s dissatisfaction with other members’ production levels, leading to this delay. Analysts had anticipated OPEC+ extending or increasing oil supply reductions for the coming year, but the delay introduced uncertainty.
The International Energy Agency predicted a potential oversupply by 2024, even if the current production cuts continue. China notably increased its gas consumption by 6% after ending COVID-19 lockdowns, making it a formidable contender against Europe in winter gas purchases.
Global hopes, such as Qatar’s mediation for hostages and a temporary ceasefire between Israel and Hamas, might bring positive changes to financial markets and the energy sector.
Bitumen prices fluctuated across regions, with Singapore’s HSFO CST180 rising by $8 to reach $473, while prices in South Korea closed at $490 and $390, respectively, after a $5 drop. Bahrain held steady at $400, while European regions saw prices ranging from $390 to $450. India faced a tough market situation, with a $7 fall in bitumen prices on November 15 and an expected further drop of $10-12 by the beginning of November, marking a challenging period post-COVID outbreak.
Iran’s Bitumen Market Prices
In Iran, the uncertainty is prevailing in bitumen and petroleum products due to domestic and international mixed sentiments. The confusion is growing along with crude oil hesitancy.
This article was prepared by Shirin Yousefi, the Content specialist and market analyst of Infinity Galaxy
