Top Chemicals Producers Say No End in Sight to Market Downturn

Major oil producers said the downturn in the chemicals market is showing little sign of easing, with a surge in Chinese supplies and lackluster demand continuing to depress markets.

LyondellBasell Industries NV announced Friday it will idle production capacity at sites in Germany and the US from November, partly to cut costs. Shell Plc said earlier in the week that there’s little end in sight to the downturn, though German chemicals giant BASF SE said global production expanded in the third quarter, despite contraction in European markets.