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  1. Petrochemicals in facts and figures

    ... increasing budget expenditure in 2022 by CNY 2 trillion (+8.4% YOY), and tax incentives. Oil in deficit The global oil market has been experiencing a shortage of supply for the seventh straight quarter; however, in Q1 2022, it showed signs of abating. OPEC+ members continue to produce below the aggregate production quota by 1.1 million barrels per day, according to the latest estimates. The sanctions put in place by the Western governments against the Russian financial system, commodity sector,...

  2. Petrochemicals in facts and figures

    ... per barrel, up 8% quarter-on-quarter. Prices were supported by a drop in inventories, which are already at a five-year low. They are falling for the simple reason that demand has outstripped supply for six consecutive quarters. The OPEC+ countries have not been fully compliant with agreed oil output targets, with countries including Russia not managing to hit their production quotas, propping up prices. According to S&P Global Platts, OPEC+ countries were 120% compliant in January ...

  3. Macroeconomics in Russia

    ... billion and USD 100 billion in extra revenue for Russia in 2022. In the base case scenario, the rouble will strengthen moderately against the US dollar and more significantly against the euro. Oil prices will remain high due to the extension of the OPEC+ deal and low inventories at the end of 2021. Domestic factors "+" National Wealth Fund investments. The investments of Russia’s National Wealth Fund (NWF) are capped at 7% of GDP, and the NWF is currently worth 12% of GDP....

  4. Petrochemicals in facts and figures

    ... per unit of GDP by 2025. Oil: endless shortages? In the third quarter, the average Brent price grew 7% quarter-on-quarter to USD 73.5 per barrel. The increase was due to demand exceeding supply by 2 mbpd (Q3 average, EIA estimate) on the back of the OPEC+ policy of not increasing quotas in September and August despite strong consumption growth. As a result, oil shortages have persisted in the market for five consecutive quarters. In addition, there were no significant production increases in non-OPEC+ ...

  5. Polymer Prices

    ... we had in spring and summer of last year, when the only protection was purely mechanical such as masks, social distancing, and lockdowns. Of course, in these conditions, oil prices are unlikely to rise, they would instead take a downwards turn. But OPEC+’s decision may slow down the decline unless they ramp up production, or even if they start cutting their output,” said Andrey Kochetkov, lead analyst at Otkritie Investments. At the beginning of the month, however, the OPEC+ countries decided ...

  6. Petrochemicals in facts and figures

    See the new report from SIBUR’s Investment Planning and IR division on how OPEC+’s actions affect the oil market and how logistics impacts the entire petrochemical market. Business activity: PMI 50+ In Q2 2021, the market environment was similar to the first quarter. Despite high case rates, the post-pandemic recovery was ...

  7. Plastic in 2021: consumption outlook

    ... a good year for petrochemical markets. “Once restrictions are finally lifted, consumption will increase significantly, including in the automotive and synthetics industries,” the expert said. Elena Morozova, CEO of PTPA, believes the actions of OPEC+ will now be a major driver, including a timeframe for lifting the existing oil production restrictions. However, it is unlikely that we will see investment in oil and gas projects recover to pre-pandemic levels until at least 2022. The expert noted ...

  8. SIBUR analytics

    ... over the first half of the year to dwindle. In Q4, the OECD inventories of oil and petrochemical products exceeded the five-year average by 180 million barrels, or 6% (in mid-year, at the height of lockdown, it stood at 9%–10%, according to EIA). Key OPEC+ producers met their production cut commitments. At the end of the quarter, oil prices rose on expectations of OPEC+ countries reaching an agreement on slower increases of oil supplies to the market. Following negotiations in December, the OPEC+ ...

  9. A rally on the polymer market

    ... om processors – a deep decline was observed from January to April 2020, when countries introduced lockdowns and prices for hydrocarbons hit the floor (additional pressure on the industry came from the fall in oil prices on the back of the collapsed OPEC+ deal in March). However by the third and fourth quarters of 2020, the demand for polymer products had started to pick up, including for engineering plastics, and processors’ operating rates began to grow. At the same time, prices for LPG and naphtha,...