illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: Oil companies are turning to petrochemicals to sustain profits as demand for transport fuels declines
• Petrochemicals, used in products like plastics and polyester, are projected to account for a significant portion of oil demand growth by 2030

🔭 The context: The surge in demand for petrochemicals, especially from China, has led to fierce competition among global oil majors
• The US shale oil boom and Gulf producers are major players in this market, with companies like ExxonMobil and Saudi Aramco expanding their petrochemical operations

🌍 Why it matters for the planet: Petrochemicals are integral to modern life and the green energy transition, but the industry faces challenges from green alternatives
• Companies are investing in recycling and bio-based products to reduce environmental impact, though debates over their sustainability continue

⏭️ What's next: As competition intensifies, oil majors are investing heavily in petrochemical facilities worldwide
• The push for greener options will require innovations in biomass conversion and sustainable sourcing to reduce reliance on traditional petrochemicals

💬 One quote: "Petrochemicals hold the hope of the oil industry," highlighting their importance in sustaining future demand and profits

📈 One stat: The International Energy Agency predicts oil demand will grow to 105.45 million barrels per day by 2030, with 2.8 million bpd coming from petrochemicals

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