- Poland’s largest energy firm, Orlen, has announced the cancellation of a multi-billion-euro petrochemical plant project initiated under the previous administration. The company cited soaring costs, which have risen to six times the initial estimate, as the reason for halting the project. Despite significant investments already made, Orlen believes stopping construction now will prevent potential losses from what is deemed an unviable venture.
- In the global oil market, the decision by OPEC+ to delay a planned production increase has significantly reduced the possibility of an oversupply next year. The International Energy Agency (IEA) has also lowered its forecast for oil demand growth this year due to weaker-than-expected consumption in non-OECD countries like China, Saudi Arabia, and Indonesia.
- In Turkey, the usual downward price trend in PE and PP markets for this time of year has softened. There are indications of a potential price shift in January, with PP suppliers already adopting a firmer approach, while PE may follow suit. However, major price hikes are unlikely in early 2025 due to several restraining factors.
- Meanwhile, at a key meeting of the Chinese Communist Party and the cabinet, led by President Xi Jinping, officials agreed to widen the budget deficit, increase borrowing, and lower interest rates. This builds on recent measures aimed at boosting growth. Beijing appears ready to take more decisive action to stimulate spending, addressing years of weak consumer demand, sluggish economic growth, and falling prices.
