Coronavirus concerns prompted organizers on Sunday to cancel the CERAWeek energy conference that annually brings together oil ministers and senior executives from the energy and financial industries, the latest event to be scrapped as the disease spreads.
HOUSTON: Coronavirus concerns prompted organizers on Sunday to cancel the CERAWeek energy conference that annually brings together oil ministers and senior executives from the energy and financial industries, the latest event to be scrapped as the disease spreads.
In its decision to cancel the event, IHSMarkit noted that border health checks are becoming more restrictive and companies have begun barring non-essential travel to protect workers. In addition, several countries have sidelined events likely to draw large crowds.
The event, which was first held in 1981, in the past has drawn thousands of attendees to Houston and to its energy panels and technology forums. Delegates from over 80 countries were expected to participate in CERAWeek 2020, the company said.
Attendance at London’s International Petroleum Week, a gathering of top traders and energy executives, last week was sharply diminished by the virus outbreak. Companies including Swiss trader Glencore, oil major BP Plc , SOCAR and banking firm ING canceled receptions at the event.
The Organization of the Petroleum Exporting Countries this week is expected to consider sharp cuts in members’ crude oil output. OPEC and allies are scheduled to meet March 5 and 6 in person in Vienna.
Global oil prices fell to near US$50 per barrel on fears oil demand will side as international trade and business contracts. Brent oil had traded as high as US$68.91 a barrel in January, before the virus outbreak was acknowledged.
Saudi Arabia, the biggest OPEC producer, and some other members are considering an output cut of 1 million barrels per day (bpd) for the second quarter of 2020, more than an initially proposed cut of 600,000 bpd.
(Reporting by Gary McWilliams; Editing by Will Dunham and Lisa Shumaker)