China’s petrochemical surge is driving global oil demand growth

The global petrochemical industry – essential to the production of clothing, tyres, detergents, fertilisers, and countless other everyday products – is currently going through a momentous period of transition. Driving this change is a towering wave of new petrochemical plants, most notably in China. This is shifting oil demand to the country as it increases production of plastics and synthetic fibres, while generating increasingly cutthroat competition among those that previously dominated the market.