Petrochemicals – of which plastics are the dominant output – now account for roughly 75% of net global oil-demand growth, and are projected to become the largest driver of future oil demand. Plastic production has already doubled in the past two decades. Major oil companies are responding accordingly. Recent consolidation – including a $60bn merger creating one of the world’s largest plastics producers – reflects a deliberate pivot toward petrochemical assets as a long-term demand anchor.
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Paramount is expected to merge its Paramount+ service with Warner Bros' HBO Max to create what it hopes would be a must-have streaming service that can hold its own against competitors Netflix, Amazon and Disney.