According to RMS estimates by the international risk assessment agency, Hurricane Katrina has destroyed at least 150,000 US industries, with losses ranging from $25 billion to $100 billion, and will become the largest natural disaster in the United States ever.
Among these, the petrochemical industry in the United States has been hard hit.
The website of the Ministry of Commerce has recently been reprinted by the British "Financial Times" on August 31st in an analysis published in response to the severe disaster caused by Hurricane Katrina in the United States. The hurricane caused the oil industry along the Gulf of Mexico to paralyse, and 20 oil drilling platforms were Destroyed, an oil pipeline was also consumed by the fire. According to the latest data released by the Mineral Resources Administration of the United States, before and after the “Katrina†hurricanes, factories that can produce 91% of U.S. crude oil output per day (US production of 1.5 million barrels of crude oil per day) and 80% of natural gas have been completely discontinued. .
In terms of downstream processing, the United States is the world’s largest ethylene producer. There are a total of 45 ethylene plants, 29 of which are built in the Gulf of Mexico, with production accounting for 68% of the country’s total production and 60% of installations. . These devices are also forced to stop production cuts.
The negative impact of Hurricane Katrina on the world petrochemical industry is immediate. Because it has caused the oil industry in the United States, the world's petrochemical giant, to suffer heavy losses, the original oil resources that have soared prices have been even more scarce. It is precisely because of this that not only has the United States announced the use of 30 million barrels of strategic reserve oil, but on the evening of September 2, the Executive Director of the International Energy Agency, Claude Mandy, announced that all 26 member states of the agency have unanimously agreed to use strategic oil reserves. For a period of 30 days, a total of 60 million barrels of oil will be put into the market. The suspension of the refining and ethylene processing industries in the United States is expected to bring immediate shortages of raw materials to the downstream products and the impact of price increases will immediately appear and have an impact on the global petrochemical market. A considerable number of products will have to fill the gap in the U.S. market, while products destined for other countries' markets will have to rise.
The impact of Hurricane Katrina on China's oil and chemical industry is also evident. Almost at the same time that Katrina raged in the United States, an unprecedented “oil shortage†was also spreading in China. This "oil shortage" even shakes some development plans for the oil industry. According to Shan Hongqing, director of the Economic Policy Research Institute of the Economic and Technical Research Institute of Sinopec Group, although China will surpass Japan to become the world’s second largest ethylene producer after the United States, more than half of China’s ethylene and related petrochemical products still Need to rely on imports to meet. China is the world’s largest consumer of polyolefins, with the purchase of polyolefins exceeding 30% of the global polyolefin trade volume; China is the world’s largest producer and consumer of synthetic fibers, with production and demand accounting for approximately 1 of the world’s total. 4 and 1/3; China is the fourth largest producer of synthetic rubber and the second largest consumer in the world. A hurricane “Katrina†disrupted the global petrochemical structure, and the shortage and high prices of international petrochemical products have become the catastrophe that the hurricane has brought to Chinese companies.
It is worth noting that the “oil shortage†has fully exposed the shortcomings of the current domestic oil monopoly system. Although many people in China have blamed this "oil shortage" on Katrina (including other) hurricanes, the call for breaking the monopoly and implementing the reform of the refined oil system has been higher than ever. On September 13, officials of the National Development and Reform Commission changed their previous evasive attitudes and were presented by deputy director Zhang Guobao. They spoke frankly to the media about the reform of the domestic refined oil system that the whole society is concerned about. This clearly shows that breaking the monopoly and implementing the reform of refined oil products have been included in the work schedule of the National Development and Reform Commission. This may be the surprise that Katrina brought to China's petrochemical industry.
Among these, the petrochemical industry in the United States has been hard hit.
The website of the Ministry of Commerce has recently been reprinted by the British "Financial Times" on August 31st in an analysis published in response to the severe disaster caused by Hurricane Katrina in the United States. The hurricane caused the oil industry along the Gulf of Mexico to paralyse, and 20 oil drilling platforms were Destroyed, an oil pipeline was also consumed by the fire. According to the latest data released by the Mineral Resources Administration of the United States, before and after the “Katrina†hurricanes, factories that can produce 91% of U.S. crude oil output per day (US production of 1.5 million barrels of crude oil per day) and 80% of natural gas have been completely discontinued. .
In terms of downstream processing, the United States is the world’s largest ethylene producer. There are a total of 45 ethylene plants, 29 of which are built in the Gulf of Mexico, with production accounting for 68% of the country’s total production and 60% of installations. . These devices are also forced to stop production cuts.
The negative impact of Hurricane Katrina on the world petrochemical industry is immediate. Because it has caused the oil industry in the United States, the world's petrochemical giant, to suffer heavy losses, the original oil resources that have soared prices have been even more scarce. It is precisely because of this that not only has the United States announced the use of 30 million barrels of strategic reserve oil, but on the evening of September 2, the Executive Director of the International Energy Agency, Claude Mandy, announced that all 26 member states of the agency have unanimously agreed to use strategic oil reserves. For a period of 30 days, a total of 60 million barrels of oil will be put into the market. The suspension of the refining and ethylene processing industries in the United States is expected to bring immediate shortages of raw materials to the downstream products and the impact of price increases will immediately appear and have an impact on the global petrochemical market. A considerable number of products will have to fill the gap in the U.S. market, while products destined for other countries' markets will have to rise.
The impact of Hurricane Katrina on China's oil and chemical industry is also evident. Almost at the same time that Katrina raged in the United States, an unprecedented “oil shortage†was also spreading in China. This "oil shortage" even shakes some development plans for the oil industry. According to Shan Hongqing, director of the Economic Policy Research Institute of the Economic and Technical Research Institute of Sinopec Group, although China will surpass Japan to become the world’s second largest ethylene producer after the United States, more than half of China’s ethylene and related petrochemical products still Need to rely on imports to meet. China is the world’s largest consumer of polyolefins, with the purchase of polyolefins exceeding 30% of the global polyolefin trade volume; China is the world’s largest producer and consumer of synthetic fibers, with production and demand accounting for approximately 1 of the world’s total. 4 and 1/3; China is the fourth largest producer of synthetic rubber and the second largest consumer in the world. A hurricane “Katrina†disrupted the global petrochemical structure, and the shortage and high prices of international petrochemical products have become the catastrophe that the hurricane has brought to Chinese companies.
It is worth noting that the “oil shortage†has fully exposed the shortcomings of the current domestic oil monopoly system. Although many people in China have blamed this "oil shortage" on Katrina (including other) hurricanes, the call for breaking the monopoly and implementing the reform of the refined oil system has been higher than ever. On September 13, officials of the National Development and Reform Commission changed their previous evasive attitudes and were presented by deputy director Zhang Guobao. They spoke frankly to the media about the reform of the domestic refined oil system that the whole society is concerned about. This clearly shows that breaking the monopoly and implementing the reform of refined oil products have been included in the work schedule of the National Development and Reform Commission. This may be the surprise that Katrina brought to China's petrochemical industry.
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