Crude Oil price increased 6% after Opec decided to limit crude production. How will this affect Iran bitumen prices?
While there was much resistance to cut output of crude by Saudi Arabia and Iran, this shift in position to lower output comes as a surprise to most of us. Traditionally, there has been a correlation between crude prices and bitumen rates. Our prediction is that as the world’s oil rich nation curve their production towards reduction in production Iran bitumen prices will increase. This is why we recommend that you plan ahead and purchase your bitumen before an unwanted increase in prices takes effect.