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Crude Oil Prices Trend
Adds details from Saudi oil minister on compliance in paragraphs 6-8
Mideast Gulf countries that pledged deeper crude cuts beyond their Opec+ commitments this month do not plan to extend these into July, Saudi oil minister Prince Abdulaziz bin Salman said today.
Opec+ agreed on 6 June to extend the first phase of its two-year production restraint deal to the end of July for all participants except Mexico. The group agreed in April to cut May-June production by 9.7mn b/d, largely from an October 2018 baseline.
Saudi Arabia, Kuwait and the UAE pledged additional cuts in June, which would cap Saudi production at 7.49mn b/d, Kuwaiti output at or below 2.09mn b/d and UAE production around 2.35mn b/d. Non-Opec Oman pledged to take an additional 15,000 b/d off the market in June, above its commitment. In total these removed around 1.2mn b/d from the market in June.
BP (BP) is cutting 10,000 jobs as it reels from a crash in oil prices and tries to pivot toward renewable energy.
CEO Bernard Looney told employees on Monday that the oil giant would reduce its global workforce by nearly 15% this year. Most of the cuts will affect office jobs.
The company said in February that it would reorganize its business to achieve net zero emissions by 2050 or sooner. The coronavirus pandemic, which caused oil prices to plunge as people hunkered down at home, has only accelerated the need to reduce costs, Looney said. Petrochemicals Enzymes Automotive ACN
Brent crude futures, the global benchmark for oil prices, hit their lowest level in decades in April, falling below $20 per barrel. They’ve since staged a comeback and were last trading above $42 per barrel. But that’s still well below where prices started the year.
The advantages of additive manufacturing have come to the fore over the past months. Additive manufacturing has offered a solution for issues ranging from a shortage of ventilator components to protective masks, making it possible to reproduce parts on a local level to meet unexpected demands. Petrochemicals Enzymes Automotive ACN
3D printed parts are easily modified using CAD software and adaptable to changing circumstances with no constraints. One of the most commonly used resins in additive manufacturing is polylactic acid.
HeiQ Viroblock NPJ03 is among the first textile technologies in the world to be proven effective against SARS-CoV-2 in the laboratory. Tests conducted by Swiss textile innovator HeiQ with the Peter Doherty Institute for Infection and Immunity in Melbourne, Australia (Doherty Institute) showed that treated fabric achieved 99.99% reduction of the virus. Petrochemicals Enzymes Automotive ACN
HeiQ Viroblock NPJ03 is a textile treatment for industrial use, designed to provide textiles with antiviral and antibacterial properties. The combination of silver antimicrobial technology and vesicle technology rapidly destroy enveloped viruses including coronaviruses. It has previously been tested against coronavirus 229E, another strain of virus in the Coronavirus family.
A Textiles for Fashion student from the University of Northampton has shown plastic can be suitable for her very own alternative biodegradable textiles.
Geedanjana Inthirakumaran, was shocked to learn how damaging the manufacturing process of textile could be, and was determined to investigate more ecologically sound methods of creating materials for her final year textile collection.
She told the University: “As much as textiles can be beautiful, the processes produce a lot of CO2 emissions, due to dying, printing or manipulation. Most of the time the fabric itself is made using harsh processes that either harm animals or nature.”
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Graduate student Linda Zhong and professor of biology Anthony Sinskey are studying the plastic-devouring enzyme PETase as a way to improve recycling.
It was during a cruise in Alaska that Linda Zhong realized that the world didn’t have to be full of plastic. Petrochemicals Enzymes Automotive ACN
“I grew up in cities, so you’re very used to seeing all kinds of trash everywhere,” says the graduate student in microbiology. Zhong, who is Canadian and lived in Ottawa growing up and in Toronto during college, routinely saw trash in the waters of the Ottawa River and on the beaches around Lake Ontario.
“You never see it as anything other than normal.”
Alaska changed that. Seeing the pristine, plastic-free landscape, Zhong decided to find a way to get rid of plastic waste. “I’m a biologist, so I approached it from a biological standpoint,” she says.
The global pandemic has given the world a rare chance to reflect and rethink its actions. It has given an opportunity to reverse the damage we’ve done to the planet and building back the plastics circular economy will be a crucial part of this. Doing so however, will require an overhaul of how businesses approach the process.
In an exclusive piece for Packaging Europe, Plastics For Change, whose mission is ‘to use plastic waste as a resource for addressing social issues’, considers how we can go about this. Petrochemicals Enzymes Automotive ACN
The first of Nigerian producer Dangote Industries Limited’s 1.3m tonne/year granular urea line is undergoing trials and likely to begin exports in first half of 2021, several sources said on Tuesday. Petrochemicals Enzymes Automotive ACN
The fertilizer facility is located at Ibeju Lekki in Lagos, and comprises two trains each of urea, both with a daily production capacity of 3,850 tonnes.
In the first phase, only one urea and ammonia line would be commissioned.
Tests at the plant are done and commissioning is likely to begin after 10 days once turbines start and power is available, said Devakumar Edwin, executive director at Dangote to local media.
A major shipping line will no longer accept recovered fiber and other scrap material exports bound for China, in anticipation of the country completely closing the door to those commodities.
Mediterranean Shipping Company (MSC) this month stopped accepting shipments of recovered fiber, plastics, metals and chemicals headed for China. The company issued a notice to customers outlining the change, which took effect June 1.
The notice, reviewed by Resource Recycling, references China’s goal to eliminate “solid waste” imports into law. Petrochemicals Enzymes Automotive ACN
A company spokesperson confirmed MSC’s policy and said the company is “complying with recently updated Chinese legislation” related to solid waste cargo.
Asia’s economic growth outlook remains clouded despite injection of massive fiscal stimulus packages to counter the crippling impact of the coronavirus pandemic.
The pandemic is choking the global economy: unemployment is spiking, manufacturing activity has ground to a halt, some businesses are facing closures while governments will be incurring huge budget deficits to fund the massive stimulus packages.
The World Bank in a report on Tuesday said that growth in east Asia and the Pacific is expected to slow to 0.5% in 2020 – the lowest rates since 1976 – tracking the projected 5.2% contraction in the global economy. Petrochemicals Enzymes Automotive ACN
To mitigate the impact of the coronavirus crisis, all major regional economies have implemented large macroeconomic policy packages to support and revive business and commerce, and generate employment.
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