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.
The story of the discovery will be featured on BBC Two's Digging for Britain on 14 January at 21:00 GMT, or on BBC iPlayer.
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Publication date: 28 February 2026