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API’s senior vice president said that the industry makes long-term capital investments based on supply and demand; the decline in demand was so significant and quick during COVID and then came back relatively quickly, so it's taking time for supplies to catch up.
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New production plans promote global supply of HEP and NOP.
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A combination of factors is causing fundamental shifts in supply chain approaches across the industry. These include pandemic lockdowns, blocked shipping lanes, container scarcity, material and component shortages, extreme weather events, rising prices and military conflict.
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In addition to shipping giants Maersk, MSC and Hapag-Lloyd, BP is now pausing shipments through the Red Sea.
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DistributionNOW has opened a new DistributionNOW branch in Jal, NM; it will serve the Lea County and Southeastern New Mexico area with a wide range of oilfield supplies.
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The goal is to strengthen the manufacturing workforce and domestic supply chain through additive manufacturing (3D printing).