Affected by the spread of the epidemic, economic activities of all countries in the world have been affected in varying degrees, and the speed of economic development has slowed down significantly.
According to data, crude oil demand is expected to reduce by 10.8% in 2020. Energy Aspects said that global oil demand will not reach the level before the outbreak of the COVID-19 by the end of 2022. Reduce production agreements have been signed by major oil producing countries, which are aimed at helping oil companies cope with the decline in demand resulting from global production restrictions and the spread of COVID-19.
Demand picked up as global businesses reopened and economic activity improved. OPEC + extended production reduction and improved gasoline demand led to higher WTI crude oil prices. In recent days, WTI crude oil price rose by more than 5% to the highest level above $34 / barrel, approaching a two-month high. With major economies reopening after the coronavirus pandemic, preliminary signs of rising gasoline demand in the United States have triggered a strong rebound in crude oil prices.
Also with global business reopening, government are taking measures to recovery business actitives. People's livelihood security projects, such as infrastructure construction, have also been gradually launched. Cement and concrete are important construction materials. The sufficient supply of them are important.
To reduce energy consumption and improve cement and concrete, Shijiazhuang City Horizon Chemical Industry Co., Ltd. has involved in the useful chemicals research and production. Triisopropanolamine-TIPA, Diethanolisopropanolamine-DEIPA, Polycarboxylate Superplasticizer-PCE products are widely used in cement production and improve concrete workability, and help to save energy a lot. But based on the raw material of Ethylene Oxide and Propylene Oxide, their prices are affected by crude oil price too. Demand and supply matters.
Business development after the COVID-19 is basic and important step to help people enter into a better life. We will try the best to be part of it and help with the recovery.