Goldman Sachs Raises Q4 Oil Price Outlook, Forecasts Hormuz to Resume by Mid-June

Chemical giantBASFAnnouncing that it will use its global portfolio to The prices of antioxidant, processing stabilizer, and light stabilizer products have been further increased, with the highest increase reaching 25%.BASFIt is indicated that this price adjustment is due to the significant increase in raw material prices, energy, and logistics costs caused by the military conflict in the Middle East.

Mitsui Chemicals, Idemitsu Kosan, and Sumitomo Chemical entered into a basic agreement on September 10, 2025. The three companies plan to integrate the polyolefin (PO) business operated by Prime Polymer Co., Ltd. (“PRM”), a joint venture between Mitsui Chemicals and Idemitsu Kosan, with Sumitomo Chemical’s domestic polypropylene (PP) and linear low-density polyethylene (LLDPE) businesses. On April 24, 2026, the involved companies officially received notification from the Japan Fair Trade Commission confirming that it would not issue a cease-and-desist order regarding this integration, thereby formally approving the transaction.

According to data released by the National Bureau of Statistics, from January to March, profits of industrial enterprises above the designated size nationwide amounted to RMB 1.69604 trillion, an increase of 15.5% year-on-year. During the same period, state-controlled enterprises realized profits of RMB 619.61 billion, up 10.1% year-on-year; shareholding enterprises realized profits of RMB 1.30546 trillion, up 20.9% year-on-year; enterprises with foreign and Hong Kong, Macao, and Taiwan investment realized profits of RMB 383.73 billion, up 1.2% year-on-year; and private enterprises realized profits of RMB 430.53 billion, up 25.4% year-on-year.

Affected by the decline in crude oil production in the Middle East,Goldman Sachs has raised its fourth-quarter Brent crude oil price outlook to $90 per barrel, and its U.S. West Texas Intermediate (WTI) oil price forecast to $83 per barrel.。Current forecasts assume that the exit of the Strait of Hormuz will return to normal by the end of June (previously forecast for mid-May), and that production recovery in the Gulf region will be slower.

On April 26, the handover ceremony of the 550,000 tons/year polypropylene unit of the Fujian Sino-Saudi Gulei Ethylene Project was grandly held. It is reported that the Fujian Sino-Saudi Gulei Ethylene Project is the largest single investment Sino-foreign joint venture project in Fujian Province so far, and it is also a key benchmark project for deepening the capacity and investment cooperation between China and Saudi Arabia. The project is of great significance for promoting the upgrading of China's petrochemical industry and perfecting the regional industrial chain layout.