Saudi Arabia will boost oil supplies to a record level next month in a sharp escalation of its price war after the collapse of an Opec production deal with Russia that had stabilised the market.
The kingdom aims to supply 12.3m barrels a day of crude, which is 2.5m b/d more than it was producing and greater than its maximum sustained output capacity. That suggests Saudi Arabia will take barrels from storage to flood the market as it takes on rivals in a fight for market share.
Olivier Jakob at Petromatrix said Riyadh was pursuing a “shock and awe” strategy to demonstrate it had the capability to raise supply faster than any other producer, swamping markets with oil for which there is only limited demand.
> Read the full article on the Financial Times website
By Anjli Raval and David Sheppard
Source: Financial Times
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.