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Global petrochemical prices tend to stabilize crude oil prices rose by 2% in October

Global petrochemical prices tend to stabilize crude oil prices rose by 2% in October

  • Categories:Industry News
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  • Time of issue:2020-03-31 14:57
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Global petrochemical prices tend to stabilize crude oil prices rose by 2% in October

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
Platts released the latest monthly Platts global petrochemical index (PGPI) showed that the global petrochemical market 3 trillion dollars monthly average prices were unchanged in October, the average monthly price in October was $785 / ton, only lower than September $1 / ton. This is the first time the market since May this year, the first time to realize the growth of the chain. At the same time, OPEC oil production fell to its lowest point since May.
PGPI is composed of ethylene, propylene, benzene, toluene, xylene, low density polyethylene and polypropylene (LDPE) benchmark 7 kinds of petrochemical products which, by Platts regularly published, the benchmark price is the primary source of reference. Platts petrochemical and agricultural analysis manager Jim Foster said: "the benzene prices rose 4% in October. Benzene exports South Korea in October dropped by 30%, resulting in global supply, pushing up the price of benzene; while the upstream crude oil and naphtha prices also make benzene prices rise further."
Crude oil prices rose by 2% in October. A survey of oil and oil industry officials and analysts showed that OPEC's oil production in October was 31 million 80 thousand barrels per day, compared with September, a decrease of 120 thousand barrels / day, the lowest level since May, production fell mainly from Saudi Arabia and iraq.
Platts senior reporter Margaret McQuaile said: "the OPEC output has declined for three consecutive months, but this does not mean that the meeting of the ministers of OPEC will be held in Vienna next month at the decision to adjust the existing market share strategy. In fact, all signs (including the supply of non OPEC countries next year are expected to decline) have indicated that they have a very small change strategy."
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