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COVID-19 - News digest as of 23.09.2021

September 23/2021

1. Drive towards electrification of road transportation may cut global refining capacity demand by half in 2050

MOSCOW (MRC) -- A global drive towards electrification of road transport to reduce carbon emissions may cut demand for the world's oil refining capacity by half in 2050, reported Reuters with reference to consultancy Rystad Energy. "Going forward we will be touching by 2050 somewhere very close to 90% of electrification," Mukesh Sahdev, senior vice president and head of downstream at Rystad Energy said, adding that this scenario would probably lead to a 50% decline in global refining capacity. Electric vehicles will cut global consumption of gasoline and diesel, but demand for other refined oil products in aviation, maritime and petrochemical sectors could remain high because of urbanisation which will pose a challenge to the refining sector, Mukesh said.

2. Crude oil futures stable to higher in Asia amid supply restrictions and increased US stocks

MOSCOW (MRC) -- Crude oil futures were stable to higher during mid-morning trade in Asia trade Sept. 23 amid supply constraints and a draw in US crude stocks, reported S&P Global. At 10:10 am Singapore time (0210 GMT), the ICE November Brent futures contract was up 15 cents/b (0.2%) from the previous close at USD76.34/b, while the NYMEX November light sweet crude contract was 9 cents/b (0.12%) higher at USD72.32/b. "Crude prices rallied after US stockpiles tumbled to the lowest levels since October 2018," said OANDA senior market analyst Edward Moya, adding that oil market fundamentals were turning bullish as concerns of an economic slowdown in China eased and amid forecasts that supply shortages for natural gas could lead to increased demand for oil.
Author:Margaret Volkova
Tags:Asia, Europe, crude and gaz condensate, automotive chemicals, petrochemistry, COVID-19, USA.
Category:General News
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