As reported by Infinity Galaxy on Monday, oil price experienced another growing week and succeeded to reach near 85 US dollar. At the time of preparing this report, Brent crude oil stopped at the level of 84 US dollar which is a new record. Based on technical analyses, oil dealers have predicted oil price will reach to 200 US dollar till the end of 2022 and it will even exceed the current prediction of 100 US dollar.
The train of competitions on the vacuum bottom is being moved forward hurriedly by the refineries. In the following week, new unprecedented records were observed. The range of competitions varied from approx. 9% in Abadan to 25% in Tehran. It seems that in less than a month, the FOB price of Iran refineries will reach to 500 US dollar per metric ton.
The restrictions of vacuum bottom supply will continue in Iran for the next 6 months.
It is also predicted that India will hike up bitumen prices up to 40 US dollar by first November.
Within previous month, India imported about 220,000MT bitumen and comparing to the last month, an increase of about 45,000 MT was observed.
In a global overview, bitumen price surged in different countries like Bahrain, Singapore, and Iran increased sharply as a result of crude oil and fuel oil current prices. The overall outlook shows that demand is higher and the available supply cannot fulfil such demand properly.
The prices of export bitumen surged more than 100 US dollar in east Asia and Africa.
This article was prepared by Razieh Gilani, the sales manager of Infinity Galaxy (www.infinitygalaxy.org).