Asia Pacific Oils & Chemicals Briefing 2023 - Singapore
These briefings were an informal 60 minute discussion on the key events and topics shaping our industries with an opportunity for networking. The COVID recovery and energy crisis related to the Russia-Ukraine war have seemingly taken a back seat. However rapidly increasingly interest rates to fight off inflation, slow economic growth in China and a recession in Europe keeps the outlook uncertain. OPEC+ is adjusting its output decisions monthly, distillate cracks are strong despite tepid demand growth and China’s crude runs could remain high despite its economic weakness. Our team discussed the following themes: Short term oil demand: How real are the hopes of demand recovery in China? Can the West avoid a recession? What’s happening to petrochemical demand? Short term refining margins: How much value is there in petrochemical integration? Middle-distillate cracks: How long can they stay strong? Crude prices and Brent-Dubai differential: Saudi volumes and OSP forecast?