With COVID-19 spreading around the world, it is hard to grasp future directions for the petrochemical product market. In addition to heightening perceptions of retreating demand, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries such as Russia did not reach an agreement on additional supply cuts. Thus, the crude oil market considerably decreased. Since Saudi Arabia lowered its selling prices, crude prices fell as much as 30% on Mar 8. This was the largest drop since 1991.

With perceptions of an economic slowdown heightening due to weak crude prices, stock markets collapsed. Stock prices for petrochemical companies plummeted as well. In particular, US petrochemical companies are likely to be significantly affected by low crude prices. As US petrochemical producers mainly use ethane and natural gas, if crude prices are lower than natural gas prices, profits for US petrochemical producers are expected to decline. Further, the profitability of shale gas is also seen to drop. In contrast, petrochemical producers in most areas of the world outside the US primarily use petroleum-based naphtha.

In Asia, most petrochemical producers' stock prices are also falling. Due to the outbreak of COVID-19, demand for petrochemical products is retreating. Thus, profitability of each companies is declining. The impact of the COVID-19 outbreak is unclear and future market directions in the petrochemical market are also uncertain.