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COVID-19 - News digest as of 02.07.2021

July 02/2021

1. OPEC discussing deal to increase crude oil production by 2 mln b/d by December

MOSCOW (MRC) -- OPEC and its allies appear in striking distance of a deal on production quotas, discussing proposals that call for an output increase of about 2 million b/d from August to December to meet recovering global oil demand, three sources told S&P Global. If agreed, the OPEC+ alliance"s collective production cuts would shrink by about one-third by the end of the year to about 3.76 million b/d, from July"s 5.76 million b/d. The sources, who spoke on condition of anonymity, said the deal was not yet finalized and that Saudi Arabia was seeking some flexibility to rescind all, or part of the output increases, if Washington and Tehran revive the nuclear deal that relieves sanctions on Iran"s oil exports.

2. Avient acquires UK-based Magna Colours

MOSCOW (MRC) -- Avient, formerly PolyOne, expands its sustainable solutions portfolio with the acquisition of Magna Colours, according to Seeking Alpha. Founded in 1978 and based in Barnsley, U.K., Magna is a developer of next-gen water-based ink technology that provides innovative and high-performance solutions. The MagnaColours materials will join Avient"s existing specialty inks portfolio, besides prominent brands such as Wilflex and Rutland.
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, adhesives, paints and coatings, masterbatches, Avient, PolyOne, COVID-19, sustainable development, UK, Iran, Saudi Arabia, USA.
Category:General News
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