Bitumen Market Wavers Alongside World Oil Uncertainty

amidst geopolitical tensions and changing oil prices, the bitumen market seems enigmatic, and analysts did not agree about the market’s next behavior.

According to High Ways Today, The World Bank has issued a blunt warning, in which three potential scenarios of “minor disruption,” “medium disruption,” and “major disruption” asserted to the market. It is even predicted that if Israel and Gaza conflict intensify, crude oil prices may rush to the range of $150 per barrel.

Meanwhile, Russia’s marine oil exports increased by 27% which shows no signs of restriction. In the same way, Saudi Arabia has surged its production by 3 million barrels. Alongside, sanctions imposed by the United States were lessened for six months, reviving new dynamics in the market.

Though having a look in recent months at Iran’s market revealed that export regulations issues emerged because of the difference in the exchange rate between the US dollar and the Iranian Rial, which led to further challenges to bitumen export conditions. However, there is optimism that these issues will find resolution shortly.