Iraq confirms cut in oil output even as scheduled exports rise

SEATTLE (polymers.in):  India consumed 196.5 million tons of oil products in 2016, up from 177.5 million tons in 2015.
- Gasoline demand increased 12% in the year to 23.7 million tons and diesel consumption grew 5.6% 76.7 million tons. 

Iraq Confirms Oil-Output Cut Even as Scheduled Exports Rise
- The Persian Gulf producer is poised to ship 3.64 million bbl/day of crude oil in February from its ports in Southern Basra province.
- Iraq expects to fully implement its pledged cut of 210,000 bb/day by the end of January. 

Kuwait Says OPEC, Russia to Fulfill Pledged Oil-Output Cuts
- OPEC and its partners will fulfill their implementation of a deal to cut output, having already announced 60 to 70% of the promised curbs.
- Brent crude added 5 cents to USD 54.99/bbl. 

Oil Drillers Are Expanding Again After Losing Half-Million Jobs
- More than three quarters of the 440,131 oil jobs eliminated around the world through the end of 2016 came from the oilfield service providers, drilling contractors and equipment makers.
- Explorers and producers were responsible for 90,480 or 21% of the layoffs.

Oil Tumbles Most in Five Weeks Amid Iraqi Compliance Concerns
- WTI futures fell 3.8%.
- WTI for February delivery fell USD 2.03 to USD 51.96/bbl.
- Brent for March settlement dropped USD 1.69 or 3.8% to USD 54.94/bbl. 

S-Oil to sell USD1B diesel, naphtha, jet fuel to Saudi Aramco
- South Korea’s S-Oil, has signed a deal to sell a combined USD 1 billion of diesel.
- Under the deal for the whole 2017, S-Oil agreed to supply 10 - 28 million bbl of diesel, 6 - 8 million bbl of naphtha and 1 - 2 million bbl of jet fuel.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Europe Gasoline/Naphtha-Gasoline cracks steady, slow exports to US weigh
- The arbitrage to the US East Coast was largely closed for most traders, with high freight rates making it more difficult to move the motor fuel on transatlantic routes.
- India’s gasoline consumption rose by more than 12% to 574,000 bbl/day in 2016 compared with 2015.
- Northwest European naphtha cracks were at their highest since late November at around 72 cents/bbl. 

Iran breaks ground on USD 52 million ethylene pipeline to connect Tabriz Petrochemical Co to Miandoab Petrochemical Co.
- Iran broke ground on a USD 52 million pipeline project to connect Tabriz Petrochemical Company in East Azerbaijan Province to Miandoab Petrochemical Company.

PET prices in Europe are growing, with increased raw material quotations
- The market price of the voiced EUR 1000/MT level, but most of the proposals are below.
- January prices of MEG in January were agreed at the level of EUR 915/ton.

Low Density Polyethylene market estimated to reach 32.3 million tons by 2025
- The global LDPE market is projected to expand at a healthy CAGR of 5.6% in terms of value.
- The film & sheets application segment is projected to remain the largest segment throughout the forecast period, creating an incremental USD opportunity of USD 16,080.7 million between 2015 and 2025.

Courtesy: www.polymers.io