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COVID-19 - News digest as of 03.03.2021

March 03/2021

1. Hempel earnings slip on COVID-19 disruption

MOSCOW (MRC) -- Hempel (Lyngby, Denmark) reports 2020 net profit of EUR43 million (USD52 million), down from EUR50 million in the previous year, on revenue of EUR1.54 billion, up slightly from EUR1.53 billion, according to Chemweek. The company says it achieved organic sales growth of 3.2% last year, building on momentum from 2019, despite an overall declining worldwide market for coatings.

2. Saudi Aramco, Chevron chiefs see global oil demand recovery

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.

3. Low-cost oil will remain central to the fuel mix - ADNOC CEO

MOSCOW (MRC) -- Low-cost oil will be needed even as the world is in an energy transition, Sultan Ahmed Al Jaber, reported Reuters with reference to chief executive of Abu Dhabi National Oil Company (ADNOC) and minister of state for the United Arab Emirates" statements at CERAWeek by IHS Markit. "The world will still need oil and gas for many decades to come, no question about that," he said. Oil demand will rebound led by recovery from the coronavirus pandemic in China and India, he said.

4. Crude rises after protracted sell-off, markets brace for OPEC+ meeting

MOSCOW (MRC) -- Crude oil futures ticked up during the mid-morning trade in Asia March 3 as the market regained its footing after an overnight sell-off, with investors attention now focused on the upcoming OPEC+ meeting, reported S&P Global. At 11:07 am Singapore time (0307 GMT), the ICE Brent May contract was up by 32 cents/b (0.51%) from the March 2 settle to USD63.02/b, while the April NYMEX light sweet crude contract was up by 26 cents/b (0.44%) to USD60.64/b. Both markers have been on a downward trajectory since late last week, falling 5.16% and 5.95% from the Feb. 25 settle to close at USD62.70/b and USD59.75/b respectively on March 2.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, coatings, petrochemistry, paints and coatings, ADNOC, Chevron, Saudi Aramco, COVID-19, United Arab Emirates (UAE), Saudi Arabia, USA.
Category:General News
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