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The global petrochemicals industry faces headwinds in 2024 as economic uncertainty, weak operating rates, and oversupply continue to limit the prospects for a robust recovery.
The Dubai futures contract moved into contango this month, for the first time in three years, with spot-traded medium sour grades across the Middle East continuing their decline amidst increasing availability and slackening demand.
Non-OPEC supply growth alone capable of meeting demand global growth while OPEC+ cuts keep floor under prices
Non-OPEC supply growth alone capable of meeting demand global growth while OPEC+ cuts keep floor under prices