HOUSTON: The World Petroleum Congress kicks off this week with a sharply trimmed roster of energy executives and authorities ministers to grapple with the oil market’s future because the unfold of the Omicron COVID-19 variant disrupted journey.
This yr’s four-day occasion, rescheduled from 2020 because of the pandemic, brings collectively the business’s predominant gamers about each three years. It was anticipated to characteristic officers from nations together with Saudi Arabia, Nigeria, India and the United States discussing the position of new applied sciences and low-carbon methods.
But journey restrictions and worries over the brand new variant had organizers scrambling on Sunday to fill gaps within the agenda.
Eight energy ministers – from Saudi, Kazakhstan, Qatar, Argentina, Equatorial Guinea, Greece, Turkey and Romania – bowed out, WPC officers mentioned on Sunday. The chief executives of oil corporations BP, Sonatrach and Qatar Energy additionally withdrew.
The high-level absences resulted from “journey restrictions and issues” in regards to the new variant, organizers mentioned. The conference will proceed and replacements for some audio system are being sought, a spokesperson mentioned.
RETRACED GAINS
The influence of the virus comes because the business struggles with shortages of pure gasoline and energy in Asia and Europe from output losses prompted by the pandemic. Multi-year-high energy costs not too long ago retraced features with new lockdowns.
Oil futures fell for the final six weeks, selecting Friday at $69.88 a barrel, down 19% from the yr’s peak in late October. OPEC, the oil producing nations group, final week agreed to proceed its gradual rest of oil manufacturing curbs, however cautioned it may reverse itself if the coronavirus reduces gas demand.
ENERGY TRANSITION
The discovery of the brand new, fast-spreading variant is overshadowing one other urgent subject for many who are gathering in Houston. Faced with rising stress over local weather change issues, oil producers should deal with authorities calls for for lower-carbon emissions and a shift to cleaner fuels.
Monday’s conference session is scheduled to start with executives from Chevron, Exxon Mobil, Saudi Aramco, Equinor and TotalEnergies laying out their approaches to the world’s transition away from fossil fuels.
On Tuesday, OPEC General Secretary Mohammad Barkindo is because of ship his remarks remotely because of journey restrictions- Reuters
