Europe top stories: weekly summary
ICIS Editorial
19-Feb-2024
LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 16 February.
EU
road fuels demand to drop 70% by 2050 as
electrification takes hold
The European Union (EU) now has a
decarbonization pathway for road transport
firmly set out as the European Parliament and
Council reached a provisional political
agreement in mid-January on strengthening CO2
emissions performance standards for new
heavy-duty vehicles (HDVs).
Global oil demand growth
losing momentum as post-pandemic rebound phase
ends – IEA
The momentum of crude oil demand growth is
starting to slow as the post-pandemic rebound
in consumption nears its conclusion, the
International Energy Agency (IEA) said on
Thursday, despite arctic conditions in January
tightening market balances.
Low
virgin chemicals pricing intensifies
sustainable transition challenge – Borealis
CEO
Lower pricing for virgin petrochemicals in
Europe on the back of a prolonged demand trough
is exacerbating the challenge of building out
sustainable products portfolios into a core
spine of a chemicals business, according to the
CEO of Borealis.
Transport to drive 2024
crude demand growth – OPEC
Road and air transport demand are likely to be
the key drivers of crude oil consumption growth
this year, OPEC said on Tuesday, with
petrochemicals sector consumption also likely
to buoy volumes.
Europe OX, PX spot prices
firm on higher contract pricing, freight
costs
European orthoxylene (OX) and paraxylene (PX)
spot prices rose last week amid firmer contract
pricing and higher premiums over Asian values.
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