OPEC+ to Discuss Production Capacity Update This Week
On September 16, it was reported that OPEC+ representatives will hold a meeting in Vienna this week to conduct preliminary discussions on updating the procedure for estimating member countries' production capacity. Sources said the meeting is scheduled for September 18-19. The representatives hope to reach an agreement on the mechanism for assessing the maximum sustainable crude oil production capacity of each member country. The OPEC+ Secretariat aims to submit a feasible plan to the OPEC+ ministers by the end of the year. This alliance of 22 oil-producing countries plans to use production capacity estimates to determine new production baselines and calculate production targets for 2027. OPEC+ originally planned to implement the new production baseline in 2025, but due to internal disagreements, the implementation was postponed first to 2026 and then further delayed to 2027.
Related Breaking News
-
2026-04-10 13:48:59
Sinopec: Domestic Chemical Market To See Continued Release Of New Production Capacity This Year
Sinopec stated on its interactive platform in response to investor inquiries that it expects the release of new domestic chemical production capacity to continue this year, resulting in persistent structural oversupply pressure. Coupled with the sharp rise in oil and naphtha prices triggered by the Middle East geopolitical conflict, chemical gross profit margins are under significant pressure. The company will closely monitor both domestic and international market conditions, dynamically optimize production, operation arrangements, and sales strategies, intensify efforts to expand domestic and overseas markets, and strive to enhance the quality of its chemical business development. -
2026-04-10 11:02:58
Tesla Debunks Rumors
On April 10, in response to market reports claiming that "Tesla is developing a new, smaller, and more affordable electric SUV," Tesla China stated that the report is false.Previously, Tesla had halted production of its high-end vehicles, the Model X and Model S. -
2026-04-09 15:56:44
Institutional Outlook for Polyethylene in 2030: Production Capacity Oversupply Worsens Annually
Institutional statistics show that the global polyethylene capacity growth is expected to be more than twice the demand growth. Until 2030, polyethylene demand growth is about 3.3 million tons per year, while the average capacity growth is 6.7 million tons per year. The growth in 2026 and 2027 may be particularly strong. Of the 34 million tons per year of reserve capacity by 2030, about 85% is under construction, mainly large steam cracking units supported by major oil and chemical companies. This surge in supply will drive a restructuring of the global polyethylene market. New, lower-cost large facilities will replace less competitive older assets. Starting from 2026, the pace of capacity closures in Europe and developed East Asia (including Japan and South Korea) will accelerate. -
2026-04-09 15:55:03
South Korea Plastic Industry Association Urges Companies to Propose Solutions to Soaring Raw Material Costs
Global energy and chemical market information provider ICIS recently reported that, due to tensions in the Middle East, the Korea Federation of Plastic Industry Cooperatives (KFPIC) has called on its member companies to propose contingency plans to stabilize the continuously rising costs of raw materials. The federation comprises large, medium, and small enterprises engaged in synthetic resin processing and plastic product manufacturing in Korea, including members such as LG Chem and Lotte Chemical. -
2026-04-09 09:23:43
China National Chemical: Ultra-High-Molecular-Weight Polyethylene Not Yet in Production
China Chemical responded to investor inquiries on the interactive platform, stating that the company's aerogel and phase change material production businesses are developing well and are currently in normal shipment. The production of ultra-high molecular weight polyethylene is not yet in operation. Its subsidiary, Hualu Company, possesses full-process technology and engineering capabilities for producing high-purity silicon (polysilicon) materials, making it the most technically comprehensive engineering company in this field with the highest market share in China. It is known as the "hidden champion" of the photovoltaic industry. The company supports the localization of upstream materials through its engineering capabilities, but has not yet engaged in the production of high-purity silicon (polysilicon).
Most Popular
-
Middle East Tensions Escalate Again? U.S.-Iran Talks Collapse Before Starting, Crude Oil Volatility and Plastic Futures Retreat, Plastics Market Faces New Test
-
Saudi Core Petrochemical Zone Hit! Trump Issues "Final Deadline" Threat to Iran! Over 5 Million Tons of Production Capacity Halted in April
-
BASF Delivers First Batch of Innovative Cathode Materials for Semi-Solid-State Batteries to Weilan New Energy
-
Magna Announces Sale Of Lighting And Roof Systems Business
-
Vimar Launches Linea Switch Range Using Envalior Recycled Material, Cutting Carbon Footprint by Over 80%
