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Saudi Aramco, Chevron chiefs see global oil demand recovery

March 03/2021

MOSCOW (MRC) -- Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executive of Saudi Aramco told an oil and gas conference, said Hydrocarbonprocessing.

Global demand for oil is likely to recover from the second half of the year and could reach 99 MMbpd in 2022, Amin Nasser said at IHS Markit's online CERAWeek conference.

Diesel demand has recovered globally due to door-to-door deliveries, though jet fuel lags as people avoid long flights, said Chevron CEO Michael Wirth, who spoke on a panel with Nasser.

Oil demand improving in China, India and East Asia, with vaccine deployment as "cause for optimism" in the West, Nasser said.

As per MRC, Saudi Aramco and Saudi Basic Industries Corporation (SABIC) have decided to reevaluate their crude-oil-to-chemicals project in Yanbu on the kingdom's west coast. The USD20 billion project may be downsized to use Aramco's existing facilities in the port city, instead of building a new plant.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,220,640 tonnes in 2020, up by 2% year on year. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, polypropylene (PP) shipments to the Russian market reached 1 240,000 tonnes in 2020 (calculated using the formula: production, minus exports, plus imports, excluding producers' inventories as of 1 January, 2020). Supply of exclusively PP random copolymer increased.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, neftegaz, petrochemistry, Chevron, Chevron Phillips, Saudi Aramco, Saudi Arabia.
Category:General News
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