West Texas Intermediate and Brent Crude oil prices fell over the week to 11th August to $48.81 and $51.99 per barrel respectively, reductions of 1.4% and 0.7%.
Global oil prices continued to slide after the International Energy Agency said inconsistent OPEC compliance with production cuts was prolonging the rebalancing of the market despite strong demand.
The IEA said OPEC’s compliance with the cuts in July had fallen to 75%, the lowest since output restrictions began in January. It cited weak compliance by Algeria, Iraq and the United Arab Emirates. In addition, OPEC member Libya, which is exempt from the cuts, has increased output. OPEC has confirmed its oil output rose by 173,000 bpd in July to 32.87 million bpd.
Saudi Arabian Energy Minister, Khalid al-Falih, said the kingdom would not rule out additional oil production cuts.
European polymer prices rose over the week with increases of 20 and 100 Euros per tonne reported in the prices of Polypropylene and PET. Prices in the UK region of Europe rose across all grades as the Pound lost further value against the Euro.
Asian polymers rose with increases of between $5 and $10 per tonne reported in the prices of LDPE, LLDPE, PET, PVC and Polystyrene. In China, the price of Polypropylene fell by $5 per tonne.
US polymers remained unchanged.