Weekly Bitumen Report: How Did Iran’s Bitumen Stay Stable While Asia and Europe Fell?

The Political and Economic Developments of the Week

A World in Fragile Semi-Balance

The five-hour meeting between Trump’s special envoy and Putin in Moscow ended with no practical results. The Kremlin called it “constructive,” but there is no sign of progress toward ending the war. At the same time, NATO held an emergency meeting after Putin’s recent threats and toughened its position, stressing full readiness to support Ukraine and strengthen deterrence in Europe.
In Latin America, Trump’s phone call with Maduro drew attention. Trump’s vague comment about “closing Venezuela’s airspace,” without further explanation, has made the situation more sensitive. In the Middle East, tensions remain high, but over the past seven days, there has been no major attack or shift in the balance. The region is calm on the surface but still fragile, and developments continue to follow the same known pattern of tensions.

Crude and Fuel Oil Markets in East Asia

Oil Is Stuck, Bitumen in East Asia Keeps Falling

Brent stayed in the $62–64 range in the first week of December. Three main factors have locked prices in this zone: high supply, especially from the U.S. and Russia; signs of weak demand in large economies like China; and controlled geopolitical risk, which prevents a major drop but also doesn’t push prices up. On the other hand, Reuters reports that the outlook for 2026 shows oversupply, which is keeping the short-term price ceiling low. For December, the likely scenario is that Brent moves between 60 and 65 dollars- unless a serious attack on Russian infrastructure or new tension with Venezuela occurs.
On Thursday, 4 December 2025, Singapore 180CST fuel oil prices reached $340, and Singapore and South Korea bitumen prices reached $377 and $350.
Singapore and Korea continued to fall this week due to high supply and weak demand. Even small changes in HSFO couldn’t stop the price drop.

Bitumen Market in Bahrain and Europe

Europe Sliding Down Its Winter Slope

Bahrain’s bitumen market stayed steady at 400 dollars, even though demand seems to have affected this producer, too.
Europe performed exactly as expected: the sharp drop in HSFO and seasonal slowdown pushed prices down with no resistance. The size of the decline shows the market has fully entered the winter phase and currently has no price support. This week, European bitumen prices moved to $ 340–370 range.

India Bitumen Market

India Under Regional Pressure

India’s bitumen market was almost unchanged compared to last week, but the overall direction is still downward. Last week, there were some small signs of improvement, but high regional supply again pushed imported prices to new lows. Heavy rains in East Asia and lower buying from China have added more supply to the Indian market.

China Market

Unreal Stability

China’s market looked stable this week, but this stability isn’t real. Low demand and supply pressure continue, and if this trend stays, a downward correction is unavoidable. Buying speed has also slowed compared to last week, and the market is in a wait-and-see mode.

Market Analysis of Iran

While Iran had almost stable prices in recent weeks, this week prices rose slightly. Problems with trade cards, limited supply, and higher demand from East Africa pushed Iran in the opposite direction of falling Asian and European markets. Interestingly, in the same week that Singapore prices fell by about $10, Iran rose by about $4-5. This contrast will likely attract African buyers to Iran more quickly.

Insight by Razieh Gilani from Infinity Galaxy

The global market sent a clear message this week: the world looks calm, but its balance is more fragile than ever. Brent is stuck in the $60-65 range, East Asia is under supply pressure and has declined its prices, and Europe has officially entered the winter phase. Meanwhile, Iran moved against the regional trend; limited supply and African demand had more weight. The bigger picture is this: the more the world moves in a phase of slowdown and waiting, the smarter, faster, and closer we need to be to the real market to make the most of this new pattern.

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