The IEA reports than new dynamics in oil and gas are driving global competition with the United States returning to prominence as a low-cost region for chemical production thanks to the shale gas revolution.
The Future of Petrochemicals
Petrochemicals are rapidly becoming the largest driver of global oil demandThe growth in demand for petrochemical products means that petrochemicals are set to account for over a third of the growth in oil demand to 2030, and nearly half to 2050, ahead of trucks, aviation and shipping. Petrochemicals are also poised to consume an additional 56 billion cubic metres of natural gas by 2030, equivalent to about half of Canada’s total gas consumption today.
https://www.iea.org/petrochemicals/?utm_content=bufferef9d1&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
Demand within the oil and gas sector as widely reported in the media will continue however unreported is the demand as a chemical feedstock for petrochemicals The long term potential for oil and gas reserves is very bright as is discovery of new proven acreage reserves
Keep well cheers Paul
Petroleum News, page-63
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