Iran’s Recycled Base Oil Market during Oil Market Volatility and Banking Crisis

After the news of the bankruptcy of three banks and the possibility of this situation spreading to other banks, and the anxiety that has arisen in the second consecutive week, the price of oil is fluctuating between $70 to $75, with the lowest recorded price being $71.

On Monday, March 20th, fuel in Singapore experienced a $22 reduction, which was almost unprecedented in recent weeks. Concerns about recession and the possibility of bankruptcy of other banks have led several large banks in the United States to give heavy loans to the Republic Bank of America to prevent the fourth consecutive bankruptcy in the United States and prevent further decline in stock markets.

The Nowruz celebrations in the Middle East, especially in Iran, started on Sunday, March 19th and these holidays last for 14 days. It should be considered after businesses resume their activities, the current situation of oil prices and the events that have taken place will have an impact on prices or not.

In the current situation, the FOB price of recycled base oil in Bandar Abbas is $745 to $765, paraffin wax is in the range $900 to $950, and caustic soda flakes is $680 to $700. However, considering that Iran is on holiday, deliveries will be in April.

Infinity Galaxy wishes all readers of this report a happy Nowruz.

This article was prepared by Mozhdeh Darbandizadeh, the Account Manager of Infinity Galaxy (www.infinitygalaxy.org).