Prior Unsolved Issues Still Affecting the Recycled Oil and Paraffin

Iran's presidential election was held on June 18. Considering the Iranian President-elect perspectives, the Iran-US agreement can confront some new problems. Iran's overall oil, gas and energy policies may change from September. The transform will affect the shape of the market. During the week, oil reached $75 as was mentioned in Infinity Galaxy Monday's report. Crude will reach above $100 in the upcoming years. Unlike the bitumen market that has fallen by about $38 since the start of the monsoon, fuel prices have been rising in India. Soaring oil price is one of the main reasons for this fuel increase. However, fuel and oil consumption has declined with the onset of the monsoon and the pandemic in the country. In Iran, prices have risen due to the situation of the lubcut and shortage of raw material for recycled oil and paraffin production. Unfortunately, the export of substandard oil and new export rules are still causing difficulties for the traders in the market of recycled oil and paraffin. In the current situation, we cannot expect the market direction to change considerably. Regarding the issues in the production of recycled oil and the rising price of crude, we will not see any specific decrease in prices. Infinity Galaxy recommends that buyers refuse to buy recycled oil and products at strangely low prices. Do not rush into deals and ask for the products’ quality details.