Weekly Bitumen Report: Stability in First Week of 2025

The year 2024 was over, while Middle East tensions and Russia’s war against Ukraine were ongoing, and Donald Trump would be entering the White House in less than 10 days. In the final hours of 2024, Russia’s gas export to Europe through Ukraine was stopped, and the five-year contract was over. However, there was no clear conclusion about the renewal of the contract due to the conflicts between the two parties.

According to a survey carried out by Reuters one day before the start of 2025, oil will be traded in the range of $70 per barrel in 2025 as weak demand and increased supply from countries outside the OPEC+ coalition are expected to outweigh the efforts of its members to strengthen the market.

Besides, in this survey conducted by Reuters, 31 economists and analysts believe that the average crude oil price will reach $74 in 2025, which is the eighth consecutive downward review for 2025.

The research manager of CRISIL institute declared that it is anticipated that the increase in oil production by the countries that are out of the OPEC+ coalition can guarantee sufficient crude oil supply, while economic recovery in China is anticipated to shift consumer behavior in the country toward electric vehicles, which may likely limit the growth in demand for oil and fuels.

On January 2, crude oil prices reached $74. Singapore 180CST was closed at $456. Bitumen prices in Singapore and South Korea were closed $435 and $405.

In Bahrain, bitumen prices remained stable in the last 3 months of 2024 at the level of $395.

In the last week of 2024, bitumen price in Europe was unchanged at $410-440.

Despite the possibility of the fall of bitumen prices in India, it increased by about $1 on January 1. However, some declines are expected for mid-January.

In Iran, the issues of shortage of raw materials for bitumen production and significant competition among the refineries continue. Besides, the equity of Iran's rial against the US dollar is increasing. However, it does not seem that prices will decrease significantly below the current level, given the changes in the pricing formula for bitumen in Iran.

Infinity Galaxy team wishes a prosperous year for the bitumen market activists in 2025.


To check the latest bitumen prices of different destinations, please visit Infinity Galaxy website: https://infinitygalaxy.org/wp/bitumen-price-today/

This article was prepared by Razieh Gilani, the export manager of Infinity Galaxy.