Bitumen Market on 20 November 2020

News about the discovery of Moderna vaccine with nearly 95% and Pfizer vaccine with 90% effectiveness, has significant signals on oil price, even some days up to 44$, finally stabilizing at the level of 41-42$.

USD exchange rate is fixing at 250,000-260,000 Rial.

Competition on VB is varying between 3-10%.

In an official interview, the foreign affairs minister of Iran pointed out to an old friendship between himself and president-elect of the USA, Joe Biden, declaring that Joe Biden can lift sanctions with ‘three executive orders’ and if America obeys the UN Resolution, Iran will return to Joint Comprehensive Plan of Action too that might let Iran oil market grow more again.

Some of the officials in President Trump’s government are trying to tie sanctions to the issue of terrorism to make a complicated situation for the next government to lift the sanctions against Iran later.

The risks of more outbreak of COVID-19 prior to the distribution of vaccine decreasing oil prices on Thursday.

India also raised the rates 6$ on 16 November.

Next week, the new solar Hijri month in Iran will start when new VB rates will be announced by the IME and it is expected to observe a hike-up on its bitumen price, currently, the difference between Iran and India rates is too high and it seems that one of these two countries should modify their rates to fulfill the demands which are coming from India due to heavy monsoons in the last summer and completing road construction projects.

This article was prepared by Razieh Gilani, the sales manager of Infinity Galaxy.