The results of the fight against plastic waste in the world will have a greater impact on oil and gas companies than expected, the Financial Times writes. In cafes and restaurants, they no longer use plastic straws. Many countries have already passed laws prohibiting the use of disposable packages. According to the estimates of the International Energy Agency, the share of petrochemicals in the global demand for oil will increase to 50% from the current 15% by 2040, which will make petrochemical enterprises the main sources of demand for oil. Packaging materials in the world account for 45% of all plastic produced and only 7% for electronics. Given the increasing opposition to the use of packaging plastic materials, the IEA's predictions of high consumption of plastics in the future become untenable. The growth of plastic consumption in the next 2 decades may slow down, significantly reducing the demand for oil.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...