Russia-oil-production – Russia-Ukraine-conflict 19-03-2022

Russia-oil-production – Russia-Ukraine-conflict

-Chinaplas postponed for Covid
The event dedicated to the plastics and rubber industry was supposed to be held in the Shanghai exhibition center at the end of April.
Chinaplas will not be held in late April, as scheduled. The organizers of the main Asian event dedicated to the plastics and rubber industry have decided to postpone the event to a new date yet to be defined.
The reason is, also in this case, linked to the resurgence of the Sars-Cov-2 epidemic, which is affecting China in particular, leading to particularly restrictive containment measures. Paradoxically, the situation in the Asian country seems more serious this year than in 2021, when the event took place regularly in attendance, albeit with a low international turnout.
According to the trade fair calendar, the 35th edition of Chinaplas was supposed to open the turnstiles at the Shanghai exhibition grounds on April 25th and last until the 28th of the same month. Russia-oil-production – Russia-Ukraine-conflict
Apologizing to the exhibitors, Adsale Exhibition Services (which organizes the event) makes it known that it will shortly communicate the new dates and further details on the event. However, the online platform CPS + eMarketplace, created to connect Chinese and foreign suppliers and buyers, remains in operation.

Chinaplas postponed for Covid

-Russia to reduce oil production by three million bpd: IEA report

Sanctions against the country will likely cause it to reduce oil production by nearly one-quarter. Russia-oil-production – Russia-Ukraine-conflict

A report by the International Energy Agency (IEA) has estimated that Russia will reduce its oil production by three million barrels per day (bpd) from April.

The IEA’s monthly ‘Oil Market Report’ said that sanctions against Russia “threaten to create a global supply shock”. It also said that “only Saudi Arabia and the UAE hold substantial spare capacity that could immediately help to offset a Russian shortfall”.

However, OPEC nations have signalled their reluctance to increase production, while the IEA does not expect output increases from the US, Canada, or others to meet the shortfall. As a result, the report expects that sanctions will “appreciably depress global economic growth”.

Authors expect a 1.5 million bpd fall in crude exports and a one million bpd fall in export of oil products. The report also anticipates a 1.1 million bpd reduction in refinery throughput in Russia, of which 240,000 bpd will be offset by increases elsewhere.

At the same time, the agency reduced its 2022 world oil demand forecast by 1.3 million barrels per day from April. This would still leave a 700,000 bpd global supply deficit from the second quarter of 2022. It now expects average 2022 global total oil demand of 99.7 million bpd, 2.1 million bpd more than in 2021.

This would leave demand below pre-pandemic levels of approximately 100 million barrels per day.  Russia-oil-production – Russia-Ukraine-conflict

Russia-oil-production - Russia-Ukraine-conflict

Russia to reduce oil-production by three million bpd: IEA report

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