VIDEO: Petrochemical production hit by conflict in the Middle East
The conflict in the Middle East is affecting global petrochemical production, with around 20% of the world's oil and natural gas flowing through the Strait of Hormuz. This disruption is having a chain effect on manufacturers who rely on petrochemicals, with some suppliers warning of price increases of up to 30%.
The conflict in the Middle East has disrupted global petrochemical production. Petrochemicals are used to make thousands of products, including plastics, cosmetics, and medicines. The Strait of Hormuz, which is a key oil and gas route, has been affected by the conflict. As a result, refineries and processing plants have been forced to scale back operations. This is having a chain effect on manufacturers who rely on petrochemicals. Some suppliers are warning of price increases of up to 30%. The impact is being felt in various industries, including construction and pharmaceuticals.
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