To be sure, Wall Street is growing more skeptical about layoff announcements tied to AI, with some analysts saying the technology is being used as a cover to correct for massive over-hiring that was done during the pandemic.
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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