Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 16 November.

OPEC revises down oil demand forecasts for second month running
OPEC has cut its forecast for global crude oil demand growth in 2018 and 2019 for the second month in a row, on the back of further weaker-than-expected demand from the Middle East and China during the third quarter.

‘Money still to be made’ from crude but large investments needed – IEA
As developing economies continue their relentless urbanisation, the crude oil industry needs to reverse the declining trends in capital investments post-2014 in order to cater for that growth, the executive director at the International Energy Agency (IEA) said.

Crude to chemicals will drive the next industry transition
The latest annual IEA Energy Outlook highlights how changes in crude oil processing, particularly in the Middle East, India and China, will fundamentally shift the supply picture for petrochemicals. In global markets, the consequences for non-integrated and publicly traded petrochemical companies are significant.

UK chems welcome draft Brexit deal, May seeks backing from cabinet
The UK’s chemicals trade group CIA has welcomed the draft Brexit deal agreed with the EU, but Prime Minister Theresa May has called a government meeting later in the day to seek their support for the agreement.

UK polymer buyers looking at options for post-Brexit market
Polyethylene (PE) and polypropylene (PP) buyers are beginning to talk to their suppliers about the best way to prepare for a post-Brexit scenario, and many are considering buying more volume.

Rhine water levels remain low, BASF exploring alternative shipping methods
BASF is exploring alternative shipping methods on the River Rhine, as persistently low water levels continue to wreak havoc on it and other companies’ production levels on sites near the river.