While there is consumer and government pressure across the world to reduce the use of plastics, processors in Asia are building or planning petrochemical plants with demand for transport fuels set to ease in the years ahead.
Malaysia's opposition leader Anwar Ibrahim said on Wednesday he has secured a "formidable" majority from lawmakers to oust the Prime Minister, heralding a fresh bout of political drama that could hurt market sentiment in the world's no. 2 palm producer.
“Our India portfolio is reasonably resilient. We do find that many of our portfolio companies are well placed not only in terms of having the balance sheet and the financial strength but also well positioned to compete quite effectively during this crisis,” said Promeet Ghosh, deputy head for India at Temasek in an exclusive interaction with ET.
The near-absence of new producing fields and slow efforts at enhancing recovery from ageing fields have weighed on the country's oil production for years. With a big dip in private sector fields lately, the overall output contraction appears to be sharper this financial year at 6.1%.
Market analysts said cutting down of positions by participants against ample stocks mainly influenced refined soya oil prices.
Palm has already declined 5.5% so far this week, as possible lockdowns in some European states dragged global markets.
BP says Covid-19 will emasculate the global economy till at least late 2021. Future economic growth will be slower than earlier projected, thanks to the scars of the coronavirus and inward-looking economic policies typified by the new Cold War with China. Lower world GDP will mean less oil demand.
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