China is relentlessly adding new petrochemical capacity despite a global glut as the country's refiners diversify from transport fuels, threatening to depress margins worldwide through 2024 as weak economic growth saps demand.
Global oil market fundamentals are expected to remain sound for the rest of the year, underpinned by healthy demand in developing countries, especially in China and India, Saudi Aramco CEO Amin Nasser said on Monday.
OPEC expects global oil demand to rise to 110 million barrels per day (bpd) and overall energy demand to rise 23% by 2045, its Secretary General Haitham Al Ghais said on Monday.
Shares of Brazilian petrochemical firm Braskem soared on Monday after it confirmed a bid from Unipar Carbocloro for a controlling stake in the company at a premium of more than 40% over its previous closing price.
Venture Global LNG, which is building three multi-billion dollar U.S. liquefied natural gas processing plants, is sparring with two customers of its first project over mechanical failures that have prevented commercial deliveries a year after initial shipments began.