Infinity Galaxy Expert Analysis: Bitumen Price in 2020 and 2021
DUBAI, United Arab Emirates, May 11, 2021 (Newswire.com) - In 2020, the price of crude oil and bitumen plummeted to the lowest possible level in the last thirty years. Many factors contributed to this sharp decline in prices. The COVID-19 pandemic, countries' lockdowns and the sharp decline of crude oil significantly played a role in the 2020 bitumen price fluctuations. However, the world is reviving in 2021 and things seem to be turning in favor of bitumen and petrochemicals.
Infinity Galaxy, an international bitumen supplier, has released a thorough review on bitumen price 2020 and 2021.
From January to mid-February, bitumen prices were stable. Each barrel of bitumen was being transacted around $270 in Iran and $540 in Singapore.
From late February, the coronavirus slowly spread throughout the world.
Governments decided to impose restrictions and lockdowns. Accordingly, transportation and road construction were halted in many countries. Therefore, gasoline consumption decreased significantly. The demand for oil and its derivatives diminished. Bitumen prices hit $270 to $285 in late February and early March.
At the beginning of March, OPEC+ decided to cut oil production; however, Russia and Saudi Arabia refused. Consequently, crude oil prices plummeted drastically. Brent sharply fell by about 20% and reached $33.
In the meantime, many countries sold their bitumen at the lowest possible prices, including Singapore and Iran. The price of bitumen reached $175 for two months until 20 March in Singapore. Iran reached its lowest bitumen price in Asia, undergoing a 50% drop, at $110 a ton during May.
In June 2020, after two months of reduction, bitumen prices increased to more than $235. Prices were almost constant from July to October.
In November, due to the discovery of the Covid-19 vaccine, the price of bitumen increased by nearly $50 compared to March and hit $290 in November.
Bitumen Price 2021
Fortunately, economies are recovering and there is hope to defeat the virus. Vaccinations programs are running globally to slow down the disease.
Crude oil and bitumen have been on a rising trend since the beginning of 2021. At the end of April, crude oil touched around $65, and The Middle Eastern bitumen rose to about $385 per barrel. Experts and financial institutions foresee higher prices of oil and bitumen in 2021.
Price analysis is a very complex procedure; therefore, reputable refineries and suppliers are the best channels to get valid reports.
Infinity Galaxy's experts provide the latest analysis of the bitumen market regularly. To get in touch with the Infinity Galaxy's analysis team, you can email firstname.lastname@example.org or ask your question here. If you need more information, please visit http://infinitygalaxy.org.
Source: Infinity Galaxy