Pasargad bitumen
Pasargad bitumen has high demands in the world since it is the product of a prominent refinery in the Middle East. Therefore, the price of Pasargad bitumen is important. In this article, we talk about the oil price changes that affect the Pasargad bitumen prices as well.
Brent North Sea crude price changes
It’s good to know that Brent North Sea crude for January delivery fell 14 cents, or 0.3 percent, to $ 43.61 a barrel today.Generally, oil prices fell today as the
oversupply of US crude stocks once again raised concerns about weak demand and possible oversupply in the market,
but hopes of delaying production growth for OPEC and its allies prevented further declines.
Pasargad bitumen :
As mentioned before, Brent North Sea crude for January delivery fell 14 cents, or 0.3 percent,
to $ 43.61 a barrel on the New York Mercantile Exchange.Moreover, Brent crude was down 0.2 percent yesterday. West Texas Intermediate for December delivery also was up 25 cents,
or 0.6 percent, at $ 41.18.
To be more specific, the U.S. Petroleum Institute said yesterday that U.S. crude stockpiles had grown 4.2 million barrels over the past week,
well above the 1.7 million barrels forecast by analysts polled by Reuters. It’s also good to know that the final price of Brent crude index on Tuesday (November 28)
was $ 43.57 and the WWI index was $ 41.43, Shana reported, quoting Reuters from Tokyo.
OPEC decision affecting the prices of Pasargad bitumen
Therefore, oil prices fell today as US crude stockpiles rose more than expected,
raising concerns about weak fuel demand and a possible oversupply of oil, while OPEC hopes to
continue reducing the current output of the Organization of Petroleum Exporting Countries (OPEC). ) And its allies (OPEC Plus) caused this price reduction to be limited.
Needless to mention that Hiroyuki Kikukawa, Nissan’s director of research, said the increase in
US crude stockpiles had slowed recovery in fuel demand and sales. According to the American Petroleum Institute,
US oil reserves rose 4.2 million barrels last week,
while official federal government sources expected growth of 1.7 million barrels.
US oil reserves rose sharply, affecting changes in Pasargad bitumen
The US Petroleum Institute estimates that US oil reserves rose sharply last week, halting rising oil prices. According to news, the institute estimates that
US oil reserves increased by 4.2 million barrels last week,
while a week earlier, oil reserves had grown by 5.1 million barrels. Moreover, the price of West Texas Intermediate fell about 0.3 percent after the report,
while oil prices had risen 0.2 percent before. Finally, the increase in US oil reserves came at a time
when official federal sources had predicted that US oil reserves would grow by 1.7 million barrels.
