London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950

Our Clients

Order Informer

Home > News >

COVID-19 - News digest as of 29.11.2021

November 29/2021

1. IEA raises 2022 average crude oil price assumption to USD79.40 a bbl

MOSCOW (MRC) -- The International Energy Agency (IEA) has upped its average Brent crude oil price assumption for 2022 to USD79.40 a bbl, but predicted a rally may ease off as prices that hit a three-year high last month push up global production, reported Reuters. The Paris-based IEA said on Tuesday that much of the uptick in supply is due to come from the United States. A hurricane battered the main US production and export hub in the Gulf coast in late August, but US output made up for half the increase in global oil production last month. But the IEA said in its monthly report that US production, despite climbing, would not return to pre-pandemic levels until the end of next year. It is due to account for 60% of non-OPEC+ supply gains in 2022.

2. Demand for the products of polymer pipe manufacturers will grow significantly in Russia

MOSCOW (MRC) - Demand for the products of manufacturers of polymer pipelines will grow significantly in Russia, primarily from the state, RBK reports. As part of the reforms in the housing and communal services sector, the fate of heating networks and water pipelines, which are worn out by 60%, will have to be decided. The required expenditures for upgrading the infrastructure amount to more than 1 trillion rubles. A large-scale municipal reform should also accelerate the process of replacing metal pipes with polymer ones in engineering networks. Even the coronavirus pandemic has not affected the growth of the polymer segment in the past year or two. According to Rosstat, in 2020 the market for polymer pipes exceeded half a million tons, an increase of almost 15% compared to 2019. In the first nine months of this year, Russia produced 19% more polymers compared to the same period in 2020.

3. Crude oil futures rise in Asia as markets regained some calm after new COVID-19 variant sent oil prices plunging

MOSCOW (MRC) -- Crude oil futures were sharply higher in mid-morning trade in Asia Nov. 29 as markets regained some calm after the new Omicron variant of the coronavirus sent oil prices plunging by more than 10% on Nov. 26, according to S&P Global. At 9:41 am Singapore time (0141 GMT), the ICE January Brent futures contract was up USD3.24/b (4.46%) from the previous close at USD75.96/b, while the NYMEX January light sweet crude contract was USD3.44/b (5.05%) higher at USD71.59/b. Investors were returning to buy the dip after markets plunged by more than 10% Nov. 26 on reports of a new COVID-19 variant from South Africa that appeared to be more transmissible and better able to evade immune responses.

4. Russia sees no need for OPEC+ to make hasty decisions over new COVID-19 variant

MOSCOW (MRC) -- OPEC+ will closely monitor the market situation amid rising fears over the emergence of a new COVID-19 variant, but urgent decisions by the group are not necessary, reported S&P Global with reference to Russia's deputy prime minister Alexander Novak's statement Nov. 29. The alliance is set to meet Dec. 2 to decide on January production levels amid a US -led attempt to lower prices by releasing stocks and fears over new lockdowns due to the new COVID-19 strain. The rapidly spreading variant caused Dated Brent to plunge 11% on the day to US73.27/b on Nov. 26, according to S&P Global assessment.
Author:Margaret Volkova
Tags:Asia, PE, crude and gaz condensate, pipe extrusion, medicine, petrochemistry, COVID-19, Russia, USA.
Category:General News
| More

Leave a comment

MRC help


 All News   News subscribe