In the initial quarter of 2020, as the pandemic commenced, the Middle East’s bitumen price plummeted from $350 to $165.
Subsequently, the reduction in oil production and sales quotas led to a $35 increase in the Brent oil price, causing the bitumen price to elevate to approximately $250.
In November 2020, coinciding with the US presidential election and Pfizer’s vaccine discovery announcement, the bitumen price experienced another upturn, reaching around $270.
In 2021, the global community grappled with the ongoing impact of the coronavirus, facing two distinct pandemics: Delta and Omicron. The Delta variant, originating in India, led to an unprecedented daily death toll of up to 6,000, prompting increased global uncertainty. Subsequently, oil and bitumen prices experienced a three-month decline before the commencement of vaccinations in India. In the fourth quarter of 2021, the emergence of the Omicron variant during the second wave of the pandemic further contributed to a decrease in bitumen prices.
In the initial quarter of 2020, as the pandemic commenced, the Middle East’s bitumen price plummeted from $350 to $165.
Subsequently, the reduction in oil production and sales quotas led to a $35 increase in the Brent oil price, causing the bitumen price to elevate to approximately $250.
In November 2020, coinciding with the US presidential election and Pfizer’s vaccine discovery announcement, the bitumen price experienced another upturn, reaching around $270.