Iran Market Bitumen Prices Hiked up 15$/MT as the Global Demands have Increased

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

During 12-17 Dec. 20, oil price had an upward movement and at the time of preparing this article, the current rate of Brent oil is $ 51.36 per barrel.

On 14 Dec., the official results of Electoral College were announced by which Joe Biden finally won the USA presidential election and also Corona vaccination started in the USA, Canada and England whose impacts were the growth of global stock exchange.

On 16 Dec., Indian refineries announced the bitumen rates with a one-day delay and the prices hiked up to 44$/MT. On the same day, the Reuters News Agency published a piece of news, through which it can be conducted that the oil analysts are concerned about the vague future of this market, based on the investigations on the oil reserves of the America, the fear of Corona outbreak during winter, and start of lock down in Europe because of Christmas holidays, the increasing trend of oil price might be stopped. However, the environmental point of view of the Democrats in America with the purpose of preserving the earth and ban of shale crude oil extraction, it is not expected to experience a drop of oil price at least in 2021.

The continuous demands of bitumen coming from different regions of the world made the refineries of Iran increase bitumen price 10-15 $/MT on Thursday and by the next week and start of their new month, it is predicted the rates will increase 15$ more!