Tag Archives | BP

Oil prices under pressure as US oil and gas output rises

Just 10 years ago, then BP CEO John Browne shocked the oil industry by suggesting that oil prices might “temporarily” rise to $40/bbl due to an imbalance of supply and demand, before falling back below $35/bbl again. Of course, prices in fact moved much higher, as policymaker stimulus in first the US and then the […]

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Deepwater Horizon raises ‘licence to operate’ issues

The chemical industry can be very proud of what it has achieved with the Responsible Care programme since 1985. But it may need to consider how this develops, in the light of the Deepwater Horizon disaster. One key question emerged from this week’s US Congressional hearing with the heads of ExxonMobil, Chevron and Shell. It […]

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Obama’s BP attack will impact chemicals

For the past 20 years, the chemical industry has been making steady progress in improving its environmental, health and safety performance. More recently, security has been added to the list of key items covered by the voluntary Responsible Care initiative, which covers c90% of chemical production. Now, however, this enormously important activity has moved into […]

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CEOs remain cautious over 2010 Outlook

The blog’s quarterly survey of company Outlook statements shows CEOs remain very cautious. There has been a rebound after the destocking disaster of Q4 2008 – Q1 2009. But there seems little confidence that we will quickly return to the levels of demand and margin seen in the 2003-7 Boom period. China’s stimulus and loan […]

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Volt to use ethanol as well as electricity

The blog has been following the development of GM’s new all-electric car, the Chevrolet Volt, with interest, ever since Pedro Spohr of Galp in Portugal highlighted its potential to impact naphtha balances. Of course, it won’t do this on its own – but GM’s adoption of the technology makes it essential for other manufacturers to […]

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Companies remain cautious on the outlook

The good news is that the stabilisation seen in Q2 has been maintained. But companies remain cautious on the outlook, to judge from Q3 reports. CEOs are sceptical about the impact of government stimulus efforts in the West, and fear demand will fall back as these end. The only optimists are in China and India. […]

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No sign of any upturn

This week’s company results have been keenly awaited, as the industry seeks to form a view on what happens next to demand and profits. My new IeC colleague Paul Satchell reviews them, from the point of view of a highly-experienced financial analyst, in his ‘Chemicals Viewpoint’. But the blog thought it would also be interesting […]

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Decision time in Europe, N America

Many Asian companies have been cutting back petchem production in recent weeks. Now TOTAL have become the first to follow suit in Europe, with the announcement that they will shutdown the Carling No 2 cracker for a month from mid-November. These decisions are never easy. But as the blog has noted before, when times are […]

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Interesting quotes (5)

Every now and then, a few interesting quotes come along, which seem to recent summarise developments, and set the tone for the next few months. Recent days have been a good example of this process at work: ‘The era of cheap energy is over, as oil production isn’t rising fast enough to meet demand amid […]

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Russian crude supply ‘peaking’

Russia is the world’s 2nd largest oil producer. And it has been the main source of increased crude production in recent years. Its output rose 58% between 1999-2006, from 6.2mbd to 9.8mbd. Now Lukoil’s VP, Leonid Fedun, has told the Financial Times that he thinks 2007 output will be ‘the highest he will see in […]

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