SEATTLE (polymers.in): OPEC and key non-OPEC members agreed in November to cut production by 1.2 million bbl/day to reduce the global oversupply.
- WTI crude oil is seen to rise only to as high as USD 58/bbl this year.
Iraq begins cuts to oil production: oil minister
- Iraq began reducing its crude oil production from the turn of the year in line with its OPEC commitments.
- S&P Global plants estimates Iraq produced at an average of around 4.6 million bbl/day in December.
Analysis: Manufacturing helps China oil demand post fastest growth in 15 months
- China’s apparent oil demand surged more than 4% year on year in November.
- The 4.1% year-on-year growth in total apparent oil demand to 11.44 million bbl/day in November.
Aramco Raises Oil Pricing to Asia and US as OPEC Cuts Output
- Aramco increased its official pricing for Arab Light crude to Asia by 60 cents/bbl to 15 cents.
- Buyers in the US will pay premiums that are 20 cents/bbl higher for both Extra Light and Light grade crude in February.
OPEC Oil Output Slides in December Amid Nigeria Disruptions
- OPEC’s crude production fell by 310,000 bbl/day in December.
- Nigeria’s daily output dropped by 200,000 bbl to 1.45 million in December.
- Saudi Arabia’s production fell by 50,000 bbl/day while Venezuela declined by 40,000.
- Iran, Kuwait and Angola each reduced output by 20,000 bbl/day, while Algeria and Iraq dropped by 10,000.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Propylene price moves up across all regions
- Asian propylene markers jumped USD 48 - 54/ton CFR China and FOB Korea in the second week of December.
- Chemical grade propylene spot inched up US cents 1.50/pound FD USG on the week.
- Spot chemical grade propylene prices surged EUR 50/ton FD NWE on the week.
Polypropylene (PP) prices quote mixed in Asia
- CFR Far East Asia prices of PP raffia and PP injection were assessed down at USD 1005/MT levels, a sharp fall of USD 30/MT from the previous week. PP film prices were assessed at USD 1030/MT levels, while BOPP prices were also assessed at USD 1130/MT levels, both drop USD 25/MT on the week. PP block copolymer prices were assessed lower at USD 1080/MT levels, a week on week decline of USD 20/MT.
- In South East Asia, PP raffia and PP injection prices were assessed up at USD 1045/MT CFR levels, a week on week gain of USD 10/MT. PP film prices were assessed higher at USD 1065/MT levels, while BOPP prices were also at USD 1065/MT levels, both up USD 10/MT from the previous week. PP block copolymer prices were assessed higher at USD 1100/MT CFR levels, a week on week gain of USD 5/MT.
- In India, PP raffia and PP injection prices were assessed up at USD 1040/MT CFR levels, a rise of USD 10/MT on the week. PP film prices were assessed higher at USD 1060/MT CFR levels, while BOPP copolymer prices were higher at USD 1100/MT CFR levels, a week on week gain of USD 20/MT.
Reliance plans maintenance at Hazira PVC plant
- RIL is likely to shut its PVC plant for a maintenance turnaround on January 7, 2017 and will remain shut for 15 days.