MOSCOW (MRC) -- The United Arab Emirates will cut its oil output by 100,000 barrels per day more in June than its commitments under the OPEC+ pact, its energy minister said on Monday, joining Saudi Arabia and Kuwait in announcing new crude supply reductions, according to Hydrocarbonprocessing.
"In support of efforts led by the Kingdom of Saudi Arabia to further restore stability to energy markets, the UAE has committed to undertake an additional voluntary cut of 100,000 barrels per day in the month of June," Suhail al-Mazrouei said in a statement.
As MRC repoted before, in the first week of May, 2020, Abu Dhabi National Oil Company (ADNOC) began a gradual restart of its Ruwais oil refinery complex after a scheduled maintenance shutdown. The Ruwais complex, which has capacity of 835,000 barrels per day, was shut down early this year, the ADNOC spokesman said.
We also remind that in late July 2019, ADNOC said its Ruwais refinery west cracker was offline for maintenance.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 557,060 tonnes in the first three month of 2020, up by 7% year on year. High density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments rose because of the increased capacity utilisation at ZapSibNeftekhim. Demand for LDPE subsided. At the same time, PP shipments to the Russian market was 267,630 tonnes in January-March 2020, down 20% year on year. Homopolymer PP and PP block copolymers accounted for the main decrease in imports.
MRC