On Monday, December 16, European Union member states adopted a new Packaging and Packaging Waste Regulation (PPWR), aimed at reducing waste and promoting recyclable and reusable packaging.

The European Commission proposed revising the existing directive two years ago, recognizing that previous regulations, despite being modified several times, had failed to achieve the desired results. According to Eurostat data, packaging accounts for 36% of municipal waste in the EU, and 40% of plastic and 50% of paper is used specifically for packaging goods, Magdalena Cedro (PAP) reported.

The new regulations introduce specific obligations. By 2029, 90% of plastic and metal beverage containers will have to be collected separately, such as through deposit systems. From 2030, all packaging must be recyclable in an ‘economically viable’ manner.

There will also be bans on single-use plastic packaging, such as miniature cosmetics (e.g., those available in hotels), plastic packaging for ketchup, mustard, or coffee creamers, as well as tea bags and lightweight plastic bags, except those used to package food sold in bulk. Plastic packaging for fruits and vegetables sold in quantities of less than 1.5 kg will also disappear from the market.

The regulation also calls for a gradual reduction in packaging waste per EU resident: by 5% by 2030, 10% by 2035, and 15% by 2040 compared to 2018. The new legislation, as a regulation, will apply directly in all member states 18 months after its publication in the Official Journal of the EU.

It is one of the key elements of the European Green Deal, the European Commission's flagship project for 2019–2024, which aims to build a circular economy and reduce pollution.

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday, December 11, lowered its forecasts for oil demand growth this year and next, noting weakness in China and India. This is the fifth consecutive revision of forecasts by the cartel of producers, who already have rather inflated expectations compared to other forecasts.

In its December report, OPEC indicates an expected increase in global oil demand in 2024 of 1.61 million barrels per day, a 210,000-barrel downward revision from its November forecast. Until August, forecasts remained unchanged, but data in recent months have forced producers to revise them.

The weaker outlook poses a challenge to OPEC+, the coalition of OPEC and its allies such as Russia. As a result of declining prices, OPEC+ has postponed planned production increases until April 2025, Reuters reports.

Downward revisions were made for China, India, the rest of Asia, the Middle East and Africa based on new data. Forecasts for OECD countries in the Americas and Asia-Pacific were also lowered. This was only partially offset by higher forecasts for demand in OECD countries in Europe.

According to OPEC data, Chinese oil demand decreased by 81,000 barrels per day in October compared to the same period last year, while September saw an increase of 57,000.

Forecasts for 2025 have also been lowered - from the previously assumed 1.54 million barrels per day to 1.45 million. Nevertheless, global demand is expected to increase on an annualized basis from 103.82 million barrels per day in 2023 to 105.27 million in 2025.

OPEC still forecasts higher demand growth than the International Energy Agency (IEA), which represents developed countries. The IEA forecasts demand growth of 920,000 barrels per day in 2024, while OPEC assumes an increase of 1.6 million. The IEA's new forecasts are due to be published on Thursday.