A recent report from the International Energy Agency highlights the role that Petrochemicals plays in oil demand.
For years, we've known that petrochemicals has been a valuable add-on to oil in developing countries. Why? Chemicals are the building blocks of valuable goods for everyday life, such as soaps and detergents, plastic packaging, and much more. Chemicals enable these resource-rich countries to monetize those resources not just for export but also for internal development -- of jobs, infrastructure, and independence. As well, they provide a value-added good for export.
Find the report here: https://www.iea.org/petrochemicals/