Bulletin: 164

Date: November 3, 2023

 

INTRODUCTION

The armed conflicts in Ukraine and Gaza, contrary to what has happened in similar situations, have disrupted the upward trend in prices.

The price of oil, despite the decrease in supply, has experienced a decrease in its average price of nearly 4 USD per barrel, and in the early days of November, the average price of Brent is trading below 85 USD per barrel.

The International Energy Agency estimates that the consumption of fossil fuels will peak in 2030, while OPEC places it in 2045.

Uncertainty looms, and we will have to see how the various armed conflicts develop, as an escalation of these conflicts could change the trend in oil prices, especially if Iran were to become directly involved.

Nevertheless, some analysts, such as Goldman Sachs, insist that the supply and demand deficit will persist and lead to oil prices reaching $100 before next June.

 

PET: The persistent weakness in demand, partly due to the gradual substitution of virgin PET with various types of RPET affecting the market, has led to a slight decrease in its price.

The low levels of profitability for virgin PET have led some producers to reduce their production partially or completely.

 

 

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Este boletín está elaborado en base a la información y experiencia de nuestro equipo comercial. Marsella Global, SL presta especial atención a su elaboración, sin embargo, no podemos garantizar la exactitud y utilidad del contenido publicado.

El destinatario acepta el contenido de este boletín en el bien entendido de que Marsella Global, SL   no se hace responsable de los daños causados por el uso de la información contenida en este documento.