Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 17 May.

Europe PET/PTA industry on high alert as freight costs soar
Another shock to the logistics system is rippling through the European polyethylene terephthalate (PET) value chain but the impact is only so far just touching the surface.

Europe oxo-alcohol spot prices face pressure from growing supply
Prices in the European oxo-alcohols spot market were stable to lower this week as there is now plenty supply of all grades.

IEA cuts 2024 crude forecast as OECD Q1 demand slips into contraction
The International Energy Agency (IEA) on Wednesday cut its expectations for global crude oil demand growth as demand from the OECD shifted into contraction territory in Q1 and as refinery margins continued to slump into the spring period.

Non-OPEC+ crude supply growth to slip in 2025, Latin America to drive non-OECD output – OPEC
Increases in crude oil supplies from outside the OPEC+ bloc of countries is expected to decline slightly year on year in 2025, with the US and Canada expected to remain the backbone of OECD production increases and Latin America driving the rest of the world, according to OPEC.

IPEX: Global spot IPEX slips as decline in Asia offsets gains in other regions, crude
The global spot ICIS Petrochemical Index (IPEX) slipped 0.1%, as a fall in the northeast Asia index failed to offset gains in other regions and a rise in crude oil prices.