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The platform for the Entire Casting Industry
Chances and Challenges for the global Foundry Industry
Agenda
1. Economic Environmental Conditions
2. Trends in selected Costumer Industries
3. Trends in the global Foundry Industry
- After crude oil demand in 2021 was significantly higher than expected at the beginning of the year, the economic slowdown in 2022led to demand around 1.3 mbd lower than initially forecast. In 2023, the additional demand came primarily from China and the rest of Asia
- The OPECproductioncuts led to an undersupplyof the market in the second half of 2023, which continues. Uncertainties regarding an expansion of the conflicts in the Middle East are also a burden
- In February 2024, OPEC production was 26.57 mbd, around 1.0 mbd below the amount required for Q1 2024
- There are uncertainties regarding the production volumes of Russia
- Against the background of the production cuts extended until mid-2024, the price of crude oil rose to around US$ 87/barrel Brent During 2024 we see a movement (±US$10) around the mark of US$85/barrel Brent
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