Date: December 3, 2022
PET.- In November the demand has been much lower than expected.
The significant pressure exerted by imports, which already account for more than 30% of Spanish apparent consumption, at prices significantly lower than the national supply, makes demand doubt about the opportunity of punctual purchase.
At this time, the sector is also extremely concerned about the entry into force, as of January 1, of the tax of 450 €/Tm on single-use plastic items that are not produced, in whole or in part, by with recycled PET.
A concern that the food sector has also transferred to the government, since they have assessed that the impact of the tax may entail a cost of around 700 million euros that will have a direct impact on the price of the products and consequently on a possible decrease in consumption.
On the other hand, this tax, which will be passed on to the price of food products, will also be penalized by 21% VAT on the final price of the product, with which the public treasury will obtain extra income from this tax.
The target of USD 100 a barrel is moving away.
The world economy has begun to slow down, among others, especially China, which with its Covid 0 policy is reducing the production of fundamental elements of Western economies.
According to the Reuters agency, Chinese refiners have begun to reduce their oil purchases from Saudi Arabia and Russia.
On the other hand, the recent announcement by the EU to set the maximum price of Russian oil at 60 USD/barrel, we will see how it affects the rest of the offer and what is Russia’s position in this regard.
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