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Top trader says virus might bring peak oil demand much quicker

May 07/2020

MOSCOW (MRC) -- Oil markets are at the beginning of a fragile recovery as coronavirus lockdowns ease, though long-term peak demand may be permanently eroded, Vitols chief executive told Reuters.

Russell Hardy, CEO of the worlds biggest oil trader, said global oil demand sank by 26-27 million barrels per day (bpd) in April and predicts a year-on-year drop of over 8 million bpd.

"The market is going to flirt with optimism and pessimism for the next two or three weeks," Hardy said.

As MRC wrote before, Vitol, the worlds biggest oil trader, began exporting fuel oil and diesel from Turkmenistan via the Russian port of Novorossiisk in December 2019.

We also remind that test operations at a new gas chemical complex (GCC) for processing natural gas and producing polyethylene (PE) and polypropylene (PP) in the village of Kiyanly, Turkmenistan, started in August 2018. An official launch of production took place on 17 October, 2018.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 383,760 tonnes in the first two month of 2020, up by 14% year on year. High density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments increased due to the increased capacity utilisation at ZapSibNeftekhim. At the same time, PP shipments to the Russian market were 192,760 tonnes in January-February 2020, down by 6% year on year. Homopolymer PP accounted for the main decrease in imports.
Author:Margaret Volkova
Tags:PP, PE, LLDPE, crude and gaz condensate, PP block copolymer, homopolymer PP, LDPE, HDPE, gas processing, petrochemistry, Russia, Turkmenistan.
Category:General News
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