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COVID-19 - News digest as of 14.07.2020

July 14/2020

1. IEA raises 2020 oil demand forecast but oil refining may fall more than IEA anticipates

The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. But oil refining activity in 2020 is set to fall by more than the IEA anticipated last month and to grow less in 2021, reported Reuters with reference to its statement. The Paris-based IEA raised its forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline. "While the oil market has undoubtedly made progress ... the large, and in some countries, accelerating number of COVID-19 cases is a disturbing reminder that the pandemic is not under control and the risk to our market outlook is almost certainly to the downside," the IEA said in its monthly report.

2. Cefic urges EU member states to agree on recovery plan, welcomes EU4Health program

Cefic has called on EU member states to agree urgently on a recovery plan to restart Europes economy and kick off investments toward a green and digital transition, said Chemweek. The EU chemical industry is seeking investments in building renovation, clean mobility, the development of all forms of clean hydrogen, chemical recycling, and carbon capture and storage as well as carbon capture and utilization, Cefic says. The main aim of Cefic"s call for action, ahead of a European Council meeting on 17 July, is to provide a much-needed solution to the economic uncertainty caused by COVID-19, according to the strategic goals set out by the EU Green Deal, Cefic says. It is in line with the Councils previous comments and announcements on the need for an EU recovery plan, in which the chemical industry should play a key role.

3. Crude futures rangebound in Asia trade on OPEC+ compliance as COVID-19 cases rise

MOSCOW (MRC) -- Crude oil futures were steady to lower in mid-morning trade in Asia July 8 as the market continued to be supported by compliance with OPEC+ production cuts, with further gains were capped by rising COVID-19 case counts in the US, reported S&P Global. At 10 am Singapore time (0200 GMT), ICE Brent September crude futures were down 11 cents/b (0.26%) from the July 7 settle at USD42.97/b, while the NYMEX August light sweet crude contract was 11 cents/b (0.27%) lower at USD40.51/b. The number of confirmed coronavirus cases in the US is nearing 3 million amid a surge in new infections across California, Texas, Florida and Arizona, latest data from John Hopkins University showed. Australia"s second-largest city, Melbourne, has also re-imposed strict lockdown measures for six weeks after a spike in infections. "Oil price rally runs on thin ice amid resurgence of COVID-19 cases," ANZ analysts said in a note July 8.
Author:Margaret Volkova
Tags:Europe, PP, PE, crude and gaz condensate, petrochemistry, COVID-19, USA.
Category:General News
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