Episode 1277: Think Tank: Middle East liquids-to-chemicals projects will add to global oversupply
Two liquids-to-chemicals project announcements by Saudi Aramco highlight a new source of rapid ca...
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Show Notes
Two liquids-to-chemicals project announcements by Saudi Aramco highlight a new source of rapid capacity growth which will add to global overcapacity.
- Middle East oil and gas companies want to push liquids-to-chemicals as demand for transport fuels declines
- Aramco aims to convert around 4 million bbl/day of crude oil into chemicals by 2030 versus about 1 million barrels/day currently
- Demand growth will not be sufficient to meet rising supply
- More closures will be needed to balance the market