Recycled Oil Soaring Along Crude Oil

Crude oil prices have risen to unprecedented levels in recent weeks. Attacks on Saudi Arabia’s oil facilities, one of the world’s top oil exporters, pushed oil prices above $70 for the first time since the pandemic.

As Infinity Galaxy reported last week, OPEC+ agreed to limit oil production along Saudi Arabia agreed to stay low in production. Tight supply is a crucial factor in leading the oil price higher.

Global prices of HSFO (High Sulfur Furnace Oil), which usually fluctuates in line with the oil price, have continued to increase. Lube cut, the raw material for the production of base oil and engine oil, is also rising following the HSFO.

The price of recycled oil has increased significantly in recent days. Despite high prices, buyers are actively purchasing new cargoes, and the demand for base oil and refining oil is gradually growing.

With the high volume of orders in the market during the final weeks of the Persian year, shipping companies are facing a shortage of containers. In addition to the shortage, Freight rates rose in March Both the shortage and higher shipping costs affected Iranian products prices.

USD rates have been declining in Iran recently and due to the announcement of the US agreement to release the frozen Iranian assets in Iraq, Oman and Korea, we expect it continues to decrease.

Although buyers are willing to set orders, some of the suppliers are trading cautiously because prices are changing constantly.

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