Big oil companies are hedging slower growth in gasoline demand with major bets on petrochemicals.
The ongoing electrification drive and the EV revolution have elicited dire forecasts about the imminent demise of the nearly two-century old oil & gas industry. Last year, Bloomberg predicted that global demand for road fuel will peak in 2027 at an all-time high of 49 million barrels per day before entering terminal decline.
NYSEXOM plans to invest over $20 billion in expanding plastic production; CPChem will spend $14.5 billion and Dow Inc. NYSEDOW plans to invest USD 10 billion. A lot of those petrodollars are flowing into the Chinese market. According to Ciarán Healy, oil market analyst at the IEA, 6.7mn bpd, or 6.5 per cent of all global oil use, currently goes to supply China with petrochemicals.
EV China Gasoline Refining Feedstock Natural Gas
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