As 2026 begins, tensions between the U.S. and Venezuela rose on January 3. President Trump hinted that the U.S. would take control of Venezuela’s oil reserves. With energy markets closed over the weekend, any potential impact has yet to be reflected in crude and bitumen price .
Prior to these tensions, during the week ending January 2, 2026, Brent crude oil prices fluctuated between $60.07/bl and $61.98/bl, averaging $1.46/bl higher than the previous week.
Movements in crude oil and HSFO prices, along with seasonal holiday slowdowns, created diverging pressures on global bitumen markets.
In Asia, the bitumen markets were quiet due to the year-end holidays. In Singapore, bitumen prices fell by $1.1/t to $350–360/t fob. By contrast, in South Korea, prices rose by $2.27/t to $319.4-328.7/t.
In China, domestic prices softened in both East China and Shandong before the market closure from January 1 to 3. In contrast, prices in South China saw a slight rise due to higher crude prices and tighter supply.
In India, tight availability supported the bulk import demand, but drummed demand was weak due to high inventories and cold weather. Also, domestic prices in Mumbai increased over the period.
In the Middle East, trading activity remained limited due to holiday closures and vacuum bottom feedstock constraints. Bulk bitumen prices declined by $3.88/t to $304.5-318.75/t.
Bahrain’s listed prices held at $400/t but export activity remained halted.
In Africa, bitumen demand was weak in key markets such as Kenya, Nigeria, and South Africa during the Christmas and New Year holidays. Import prices into West Africa rose by $5/t on higher Mediterranean HSFO. East African prices declined in line with lower Middle East values. Additionally, South African domestic prices remained unchanged.
