Bitumen price in Angola
Bitumen price in Angola
Angola tops Africa’s oil production that will also affect the petrochemical and bitumen price in Angola. “Nigeria has lost its position as Africa’s largest oil producer,”
the Organization of the Petroleum Exporting Countries (OPEC) quoted as saying by AFP.
Nigerian Oil Minister Rilvano Lukman blamed Nigerian militants for the decline,
adding that the increase in Nigerian militant attacks on oil facilities in the Niger Delta has led to a
decrease in Nigerian oil production.
In fact, Nigeria’s oil production fell 2.46 percent to 1.746 million barrels per day recently,
OPEC said in a report;
Angola oil production increased by 2.92 percent to 1.796 million barrels per day.
Respectively, the Nigerian Oil Minister noted that the main reason for the decline in Nigerian oil production
was the attack by militants known as the Niger Delta Liberation Movement (MNDD) on the country’s oil facilities in the Niger Delta.
Bitumen price in Angola and other African countries
Although there are political and economic instability and contradictory behavior of governments in African countries,
the general continent’s bitumen imports are likely to increase. Meanwhile, fluctuations in the prices of oil,
metals, minerals, agricultural products and
even inflation will affect the volume of imports and government revenues.
As a matter of fact, African countries have big plans to improve their infrastructure,
including the construction of new roads. International banks and financial institutions are paying special attention to infrastructure,
and African governments are well aware that unless infrastructure is improved,
especially roads, there will be no significant change in their countries, and some deterioration will continue.
Regarding the European market outlook,
the reduction in bitumen production due to the closure of many old refineries, the improvement of new refineries
and efforts to produce more profitable products such as gasoline,
diesel and jet fuel, as well as the use of new technologies have made production attractive.
It’s worth mentioning that bitumen and
furnace oil have a notable reduction. On the other hand, environmental restrictions to reduce the percentage of
sulfur in fuel carriers cause attention to higher quality products,
which will again limit the production of bitumen.
As the final point, China and India are important in all economic fields, including the bitumen market. In other words,
and China, we see a slowdown in the growth of bitumen consumption, but in India, there is more optimism. In addition,
the country has many plans to invest in infrastructure,
one of which is increasing its annual budget.
