Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 17 December.

OPEC revises down 2021 global GDP estimates, Omicron hits Q4 crude demand
Q4 crude oil demand is likely to be weaker than expected as a result of European countries’ response to the emergence of the Omicron COVID-19 variant, OPEC said on Monday, while full-year GDP growth is also likely to come in below forecasts.

More comfortable crude oil supply/demand balances expected for Q1/Q2 2022 – IEA
Slowing demand and greater availability could lead to a more comfortable oil supply/demand balance in the first and second quarters of 2022, the International Energy Agency (IEA) said on Tuesday.

BASF starts up US MDI expansion in Geismar, proceeds with final stage
BASF has started up a US expansion project for methylene diphenyl diisocycanate (MDI), increasing capacity by one-third at its site in Geismar, Louisiana, the German chemical producer said on Tuesday.

CP Chem to build propylene unit at Baytown, Texas
Chevron Phillips Chemical (CP Chem) plans to expand its propylene business with a final investment decision (FDI) for a new C3 splitter unit at its site in Baytown, Texas, the US chemicals major said on Wednesday.

Interview: US EV rebates ‘devastating’ for Canada’s economy
The electric vehicle (EV) rebates in the US Build Back Better (BBB) legislation would be “devastating” for Canada’s economy, Bob Masterson, CEO and president of trade group Chemistry Industry Association of Canada (CIAC) told ICIS in an interview.

Bia Energy mulls $550m blue methanol plant in Louisiana
Bia Energy Operating Company (BEOC) announced on Thursday that it is evaluating plans to develop a $550m blue methanol production plant that would be located at the Port of Caddo-Bossier in Shreveport, Louisiana.

INSIGHT: Supply chain issues and Omicron variant slow global chemicals
Chemical companies face a weakened global economic outlook for 2022 and will struggle also with still-difficult supply chain issues.