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Global Oil, Refining & Chemicals: what to look for in 2015

Global Oil, Refining & Chemicals: what to look for in 2015

Report summary

In January 2015, Wood Mackenzie's senior thought leadership team highlights the key themes and milestones for the global coal, power and gas sectors in the year ahead.

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This Macroeconomics and Global Trends Insight report presents our research on this key topic, and draws out the implications for economies and commodity markets.

This report delivers a clear understanding of our unique global economic outlook and identify risks and uncertainties to watch out for.

Wood Mackenzie's global trends and macroeconomic analysis underpins all our commodity demand analysis, ensuring we continually deliver an integrated and consistent view.

Our comprehensive understanding of commodity markets gives us a unique insight into the pace of global development and the risks associated with it.

  • (1) Low oil prices could stimulate demand, but it is unlikely to change materially; the market itself will have to find balance in 2015.
  • (2) US tight oil production growth will be robust into the second quarter, but then decline.
  • (3) Refiners are likely to struggle later in 2015, as stock surplus shifts from crude to oil products.
  • (4) Integration will provide an effective hedge in early 2015, but European players could seize the moment to downsize Downstream.
  • (5) US Crude export policy will follow evolution rather than revolution.
  • (6) A decision on the Keystone XL pipeline could remain in a holding pattern for 2015.
  • (7) While imports of ethylene and derivatives remain a threat, European domestic producers will remain resilient.
  • (8) Low crude oil prices will threaten the North American gas-based chemical renaissance.
  • (9) The bright spot for 2015 in the US NGLs and Chemicals market will be derivatives.
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