Weekly Bitumen Report: From $59 Brent Crude to Iran’s Fixed Bitumen Price; Supply Matters More Than Demand

The Political and Economic Developments of the Week

Politics Returned to the Energy Market Again, from Venezuela to Ukraine

After the United States issued an order for a naval blockade of Venezuela to stop the movement of sanctioned oil tankers, the Venezuelan government has asked for an emergency meeting of the UN Security Council to review the issue.
Nicolas Maduro, the President of Venezuela, accused the United States of trying to turn his country into a colony and said any attempt by Washington to change the regime would fail.
At the same time, Vladimir Putin, the President of Russia, once again said that Russia will reach all its goals in Ukraine. He warned that if Russia’s “historic lands” are not “freed” through diplomacy, Moscow will continue the war. The President of Ukraine, reacting to Mr. Putin’s statements about taking “historic lands,” asked the United States not to believe Russia’s claims about wanting to end the war.
As the end of 2025 gets closer, it does not seem likely that the Russia-Ukraine war will end in the remaining time of this year.

Crude and Fuel Oil Markets in East Asia

Brent below $60; the Market is Stuck Between Oversupply and Sanctions Risk

In the week ending December 18, 2025, Brent crude prices, under pressure from several political and economic factors at the same time, fell to a recent multi-year low and dropped to $59. On December 16, according to Reuters, Brent crude reached $58.92. This drop was mainly due to strong concerns about oversupply in 2026, growing hopes for progress in Russia-Ukraine peace talks, and a possible reduction in sanctions risk, and also weaker demand data from China, which darkened the outlook for oil consumption. However, from December 17, the market recovered part of its losses, and Brent returned to near the $60 level. This move came after the announcement of stricter US actions against Venezuelan oil exports and speculation about new sanctions linked to Russia, which brought supply risks back to the center of market attention.
On Thursday, the price of Singapore 180CST fuel oil reached $338, and the price of bitumen in Singapore and South Korea reached $365 and $362, respectively.
The Singapore and Korea markets are still under pressure from weak demand and falling HSFO prices; buyers are waiting, sellers are resisting, and in practice, no effective trades have taken place.

Bitumen Market in Bahrain and Europe

Europe is Falling, the Mediterranean is not; Winter Arrived Before Prices

Continuing last week’s trend, European export prices saw a deeper drop. Project shutdowns before the new calendar year, along with the fall in oil and HSFO, added extra pressure, and European bitumen prices ranged between $325 and $360. The different point this week was the wider gap between Mediterranean bitumen and HSFO, which shows that supply limits are still preventing a full collapse in that market.
Prices in Bahrain have remained at $400, still resisting technical and fundamental changes.

India Bitumen Market

India Broke away from the Global Market; Demand is Moving ahead of Price

Unlike the general weakness in the global market, the Indian bitumen market has entered a supportive phase. Active demand from road construction projects and expectations of an official price increase by refineries strengthened buying behavior, allowing refiners to officially raise VG30 and VG40 prices from December 16. As a result, unlike previous weeks, market sentiment has moved out of a waiting mode, and demand is moving ahead of price.
The price of VG30 rose by about $26, and the price of VG40 rose by about $29 in mid-December 2025 in India.

China Market

China in Wait Mode; Neither Buyers Rush Nor Sellers Give Discounts

Following the trend of previous weeks, prices delivered to China’s eastern coasts declined at a gentler pace. This was not due to a supply shock, but because of lower energy prices and the lack of real demand in construction projects. Unlike Europe, where project shutdowns caused sharp drops, the Chinese market is stepping back slowly and carefully. Importers are not in a hurry to buy and are waiting for a clear bottom price, while sellers are also not willing to offer more discounts. The result is a low-volume and cautious market that is currently in a price discovery phase, not the start of a new buying wave.

Market Analysis of Iran

Stability in Iran’s Bitumen Market; Prices Trapped by Export Limits

In contrast to the clear price drops in East Asia and Europe, Iran’s export bitumen market did not fall this week and stayed mostly within its previous price range. This stability did not come from stronger demand, but mainly from supply-side problems. Export limits, issues related to commercial cards, and reduced operational access for some sellers limited supply flows. A notable point is that even with a sharp rise in the US dollar rate inside Iran, the bitumen market did not show a downward reaction and did not move in line with the global decline. The result is a low-volume but controlled market where prices are held not by demand, but by execution and structural limits.

Insight by Razieh Gilani from Infinity Galaxy

The global bitumen market in the week ending December 18, 2025, entered a clear divergence phase. While the sharp drop in oil and HSFO prices, together with construction project shutdowns, pushed prices in Europe and East Asia toward new lows, some markets such as India and Iran followed a different path. India, supported by active infrastructure project demand and refinery pricing policy, moved away from the slowdown, and Iran, despite the global fall and a jump in the local exchange rate, kept price stability due to export limits and supply-side execution issues. The result is a market that no longer moves only with oil charts, and where supply structure, policy, and logistics play a stronger role than traditional demand.

Talk to Our Bitumen Experts

At Infinity Galaxy, we’re here to answer any questions about buying bitumen. You can also check the latest bitumen prices by destination. Let us know your inquiry using the form below.