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COVID-19 - News digest as of 02.06.2020

June 02/2020

1. Global chemicals output falls in April

MOSCOW (MRC) � Data collected and tabulated by the American Chemistry Council (ACC) show that with stabilizing activity in China partially offsetting widespread weakness due to COVID-19, global chemicals production fell 1.3 percent in April, an improvement from the 3.3 percent decline in March and 2.1 percent decline in February, said Americanchemistry. During April, chemical production fell in every region. Headline global production was off 5.8 percent year-over-year (Y/Y) on a three-month moving average (3MMA) basis and stood at 110.2 percent of its average 2012 levels.

2. Gulf region to suffer worst recession in 2020 due to oil crash, coronavirus

MOSCOW (MRC) -- The six-member Gulf Cooperation Council will suffer from the worst recession ever in 2020 due to the oil price crash and the coronavirus pandemic, the Institute of International Finance said in a report June 2, said S&P Global. The economy of the energy-exporting GCC region will shrink 4.4% in 2020, with Oman having the worst contraction of 5.3% among the six countries. GCC countries are Saudi Araba, Kuwait, UAE, Oman, Qatar and Bahrain. "Shocked by COVID-19 and the plunge in oil prices, the six GCC states will experience their worst recession in history," said the IIF in the report.

3. UAE Abu Dhabi GDP to contract 7.5% in 2020 on oil price crash, virus

MOSCOW (MRC) -- Abu Dhabi, the oil-rich emirate in the seven-member UAE federation, is forecast to see its economy contract by 7.5% in 2020 due to the oil price crash and coronavirus outbreak, S&P Global Ratings said. Abu Dhabi, which pumps most of the UAE"s oil, is projected to rebound with economic growth averaging 2.2% between 2021-2023, the agency said Friday. The emirate is forecast to pump on average of 2.8 million b/d in 2020, down from 3.1 million b/d in 2019, S&P Global Ratings said.
Author:Margaret Volkova
Tags:Near East, Europe, PP, PE, crude and gaz condensate, petrochemistry, COVID-19, United Arab Emirates (UAE), Rossiya, USA.
Category:General News
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