Our global outlook for the sector remains positive as we expect production to expand 2.9% in 2025 and 3.3% in 2026. Gas prices are stabilising and destocking has run its course which is easing pressure off producers. However, we expect trade frictions from Trump's tariffs to weigh on the sector in the medium term. Looking further ahead, we anticipate generative AI to have a positive impact on the sector.
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