Iran bitumen 80/100 price
Roughly speaking, Iran is one of the pioneers in the field of oil and bitumen supply, export, and market. Consequently, Iran bitumen 80/100 price
is one of the topics that people are concerned about. That’s why we have
devoted this article to Iran bitumen 80/100 price and its variables. A monthly Reuters poll showed that oil prices will be around the same level
throughout 2021, and with the help of vaccines to get out of the
depths of the coronavirus crisis, the recovery process will begin later this year. According to the news agency, a Reuter’s poll of 50 analysts estimated
the average price of a barrel of Brent oil at $54.47 this year, which was
higher than the $50.67 last month’s forecast. It’s essential to mention
that the average price for Brent oil in January was about $54.
Iran bitumen 80/100 price and the oil prices
According to analysts, the peak of economic activity and travel boom under
the influence of COVID-19 vaccines can accelerate the process of price improvement in the second half of the year, but the recovery process
will take time. “Now is the time to breathe because demand will be low
shortly due to continued quarantine,” said Frank Schallenberger,
an analyst at LBBW. Generally speaking, the identification of new types
of coronavirus, the renewal of quarantines, and the logistical barriers
to the distribution of vaccines have led the International Energy Agency to
lower its demand outlook for 2021.
In response to the threatening outlook for demand, Saudi Arabia has
pledged to cut production by another million barrels a day in February and
March, while most OPEC Plus producers will keep production steady
during the new quarantine. “We expect OPEC Plus to gradually lift its
supply constraints between April and May in response to growing demand,
but the supply constraint system will remain active until early 2022,” said
Kylen Birch, an economist at the Economist Intelligence Unit. Moreover, the demand in 2023 is likely to improve to 2019 levels.
Iran bitumen 80/100 price and the fluctuations
It’s also worth noting that the average monthly US oil price for the current
year was $51.42, up from $47.45 in December. Giuseppe Stone, an analyst at
UBS, said we expect US shale growers to take a cautious approach in the
short term and only react more strongly to higher prices if vaccine
distribution supports higher and more stable demand. With respect to Reuters, analysts said that if the Biden government decides to ease sanctions against
Iran, supply could grow further. Brent oil for March delivery closed up 44 cents,
or 0.8 percent, at $55.97 a barrel on the New York Mercantile Exchange. Brent crude for March delivery fell 25 cents, or 0.4 percent, to $55.35 in April.
As a matter of fact, West Texas Intermediate rose 0.5 cents, or 0.1 percent,
to $52.36 a barrel. Both showed weekly growth indices of less than 0.1 percent. On the other hand, Oil prices fell in trading on Friday amid growing US oil
reserves and concerns about the impact of China’s new coronary restrictions
on fuel demand. Brent crude fell 69 cents to $55.41 a barrel, or 0.4 percent,
for the week, as the news agencies declare. Respectively, West Texas Intermediate fell 86 cents to $52.27 a barrel, unchanged for the week. Official figures show US oil reserves rose 4.4 million barrels last week,
while analysts had forecast a 1.2 million barrel decline.
Iran bitumen 80/100 prices and the COVID 19 phenomena
It’s also good to know that improved fuel demand in China boosted oil prices
late last year, but with a new wave of COVID-19, that source of hope is weakening. Oil prices, which had a strong start in early 2021,
that they have hampered by new Corona restrictions to break higher prices. Parts of Hong Kong were in quarantine and the British prime minister has
said the restrictions could last for months. Besides, the governor of
New York State has announced that they are on the verge of
running out of vaccine doses.
“The oil market has so far ignored the strict quarantine conditions across
Europe, but it will be extremely difficult for the oil market to ignore the
risk of quarantine renewal in Asia,” said Ryan Fitzmorris, commodity
strategist at Rabobank. Additionally, the US Department of
Transportation announced on Friday that road travel in the United States fell
11 percent in November, down sharply from October as the number of
COVID-19 cases rose. According to Lewis Dixon, an oil market analyst at
Restad Energy, the second wave of the pandemic in China appears to
be spreading, with the incidence rising every day to areas as diverse as Shanghai.
Meanwhile, statistics from Bakehouse Energy Services on Friday showed that
US energy companies last week increased the number of oil and gas drilling
rigs for the ninth consecutive week. As Reuters believes the number of oil
drilling rigs increased by two to 289 and the number of gas drilling rigs
increased by three to 88. Despite the increase in the number of active
drilling rigs in the United States in recent months, their number is still
416, equivalent to 52% lower than the same period last year.
Iran bitumen
In addition to the above, oil prices continued to rise yesterday on
Wednesday, amid expectations for broad new stimulus measures by the
new US administration and rising demand for fuel. In sum, Brent crude rose
35 cents, or 0.6 percent, to $56.25 a barrel on the New York Mercantile
Exchange while West Texas Intermediate traded up 37 cents,
or 0.7 percent, at $53.35 a barrel.