By Polymers

ScrapMonster Contributor

SEATTLE (polymers.in):  OPEC’s oil output set another record high in November ahead of a deal to cut production.
- Supply from OPEC increased to 34.19 million bbl/day in November from 33.82 million bbl/day in October. 

OPEC to meet non-OPEC oil producers in Vienna December 10: Barkindo
- OPEC has invited 14 non-OPEC oil producers to finalize details of coordinated cuts on Saturday 10th December.
- OPEC decided on November 30 to hold production at 32.5 million bbl/day starting January 1, 2017. 

Oil Advances to 16-Month High as Focus Shifts to Non-OPEC Cuts
- Oil climbed to a 16-month high as OPEC invited non-members to Vienna in an effort to secure additional output cuts.
- Oil has risen more than 15% since OPEC agreed last week to trim output by 1.2 million bbl/day.
- Brent for February settlement advanced 48 cents or 0.9% to USD 54.94/bbl.
- WTI for January delivery rose 11 cents to USD 51.79/bbl. 

Oil Market’s New Engine Losing Steam on Modi Cash Crackdown
- Diesel and gasoline use will slow or contract this month and possibly early next year.
- India’s USD 2 trillion economy imports more than 80% of its crude requirement. 

Oil Industry Separates From S&P Pack After OPEC Deal: Chart
- US oil producers and service companies hit the jackpot Wednesday with OPEC’s deal to cut output, picking up more than USD 81 billion in market value.
- S&P 500 Energy Index jumped 4.8% during the session.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Ethylene prices climb in Asia
- On Friday, FOB Korea prices of ethylene were up at USD 1025/MT levels, a gain of USD 20/MT from the previous week.
- CFR North East Asia prices of ethylene were assessed at USD 1055/MT levels, a week on week rise of USD 20/MT.
- CFR South East Asia prices of ethylene were assessed higher at USD 915/MT levels, a gain of USD 5/MT from the previous week. 

IRPC plans maintenance naphtha cracker
- IRPC is likely to take its cracker off-stream for a maintenance turnaround in the second half of February 2017 and will last for around 6 weeks. 

Asia ethylene margins mostly up on higher spot
- Asian ethylene margins for LPG based product rose during the week ended 2 December.
- Ethylene spot prices rose in both NEA by USD 25/MT and in SEA by USD 50/MT.

Polymers Supply
Braskem suffers process upset at Texas polypropylene plant
- US PP producer Braskem America suffered a process upset this weekend at its PP facility in Freeport, Texas.

Courtesy: www.polymers.io