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Oil industry eyes petrochemicals profits amid uncertain fossil fuel demand

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Companies from the US to the Gulf are jostling for petrochemicals market share

Welcome back. For today’s newsletter, I look at an area of growing importance for global oil companies anxious about slowing demand for hydrocarbon fuels. Petrochemicals, which go into plastics, polyester and many other cheap and lightweight commodities that underpin modern life, could buoy the profits of oil companies even after demand for transport fuels has peaked.

Between 2019 and 2023, the US was the only major producer to boost its polymer exports into China, according to ICIS data. Over the same period, Healy said, Gulf producers lost market share in major classes of petrochemicals, notably natural gas liquids such as ethane and propane. But Gulf producers are vying fiercely for Chinese market share.

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