Sector News

Saudi Arabia pumps up volume in escalating oil price war

March 11, 2020
Chemical Value Chain

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

comments closed

Related News

June 24, 2022

BASF to build commercial scale battery recycling black mass plant in Schwarzheide, Germany

Chemical Value Chain

BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.

June 24, 2022

Clariant restructures business units, reorganizes leadership

Chemical Value Chain

Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.

June 24, 2022

Chemicals & Plastics Procurement: what to expect in the second half of 2022

Chemical Value Chain

Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.