OPEC and other oil producers, a group known as OPEC+, are considering rolling over production cuts into April instead of raising output as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC+ sources told Reuters on March 3.
John Kerry, Biden’s special envoy on climate, tells the oil and gas sector that he wants to work together on plans to reduce emissions to meet global goals.
OPEC and other key exporters such as Russia, a grouping dubbed OPEC+, meet on March 4 and are expected to discuss allowing as much as 1.5 million bbl/d back into the market
OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to agreed reductions under a pact with allies, a Reuters survey found on March 1, ending a run of seven consecutive monthly increases.
The NYSE said CNOOC has the right to appeal the delisting decision. The exchange will include any appeal it receives in its application to the U.S. Securities and Exchange Commission.
Known for his elegant manner and trademark goatee, Sheikh Zaki Yamani’s 24-year tenure running the oil affairs of the world’s biggest producer made him a global celebrity during the inflationary “oil shocks” of the 1970s.
Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group.
Sanctions are possible but may take time and depend on White House negotiations with allies and Capitol Hill.
Saudi Arabia is expected to announce its plans when a coalition of oil producers meets next month, according to a WSJ report on Feb. 17, adding that the output rise won’t kick in until April.