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Tuesday, June 6, 2023

Petrochemicals to drive global oil demand growth, despite anti-plastics push: IEA

London — Growing demand for plastics in developing countries means the petrochemicals sector will still be among the key drivers of oil demand in the next few years despite a global anti-plastic and circular economy push, International Energy Agency senior oil market analyst Peg Mackey said Tuesday at the International Petroleum Week conference.

IEA said in Energy Outlook report last year that petrochemicals will account for more than a third of global oil demand growth by 2030 and nearly half of demand growth by 2050, adding nearly 7 million b/d by the middle of the century.

Since the beginning of last year, European brand-owners, governments and petrochemical producers have renewed their recycling efforts, setting targets and taking voluntary commitments to increase recycling of plastics, including banning of single-use plastics and improving packaging designs.

— Maria Tsay, [email protected]

— Edited by Dan Lalor, [email protected]

The European petrochemicals industry is heading into 2019 on increasingly global terms, braced for ever changing trade flows amid continued geopolitical uncertainty.

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Source: S&P Global Platts

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