Chief Executive Officer & Executive Director, LyondellBasell Industries NV
Why LyondellBasell CEO expects the business cycle to be 'stronger for longer'
LyondellBasell CEO Bob Patel told CNBC's Jim Cramer on Wednesday's that he expects the strong business environment to persist as supply and demand remains out of balance. Subscribe to CNBC PRO for access to investor and analyst insights: https://cnb.cx/2Vtntx6
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The...
About Peter Vanacker
In June 2021, LyondellBasell CEO Bob Patel told CNBC that he expected the business environment to be "stronger for longer" due to persistent supply and demand imbalances. Patel stated that his company was "running as hard as we can to meet current demand and we still can't meet it all," and he noted that "so many different products are in short supply that eventually that need will need to be met." He also said that supply chains would need to be restocked at some point. Patel addressed the debate over whether economic pressures were transitory or structural, citing wage increases and prolonged supply shortages. He mentioned that he had heard chip shortages "may not resolve themselves for two more years."
Transcript (3 segments)
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Peter Vanacker0:11
That need will need to be met. And lastly, we're going to have to restock various supply chains at some point. Today, companies like us are running as hard as we can to meet current demand, and we still can't meet it all. So I think we're going to see demand stronger for longer, and the business environment is going to be stronger for longer.
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Interviewer0:37
People felt they were moving their way towards tightening. They are not going to do that. Chairman Powell said that. It seems you're tracing out something that could mean we may not be at a peak next year at this time.
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Peter Vanacker0:49
Exactly. The debate going on today is what is chance of transitory...