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Opec may cut output without Russia

LONDON: The Organisation of the Petroleum Exporting Countries (Opec) could agree on deeper oil supply cuts this week, with or without Russia's support, to halt the slide in crude prices triggered by the global spread of the coronavirus.

Moscow is resisting further output curbs, arguing that reduced will not necessarily revive oil demand.

Saudi Arabia and some other members are considering agreeing an output cut of 1 million barrels per day (bpd) for Q2 2020, more than an initially proposed cut of 600,000 bpd.

Opec and its allies including Russia (Opec+) have already been curbing oil output by 1.7 million bpd under a deal that runs to the end of March.

They are scheduled to meet on March 5-6 in Vienna to decide further policy.


Coronavirus upsets regional energy shows

MANAMA: The coronavirus has cast its dark shadows on regional trade shows, with many organisers postponing events for later dates.

The GEO 2020 conference and exhibition, previously scheduled for March 16-19 in Bahrain, has been postponed until the September 14-17, 2020.

Similarly, Oman Petroleum and Energy Show (OPES), in Oman, has been moved from March 9-11 to September 14-16; 28th Annual Middle East Petroleum & Gas Conference (MPGC), in Bahrain, from March 30-31, to a later date; Opec Mena, in Bahrain, from March 24-26, to a later date; and 11th GPCA PlastiCon, in Dubai, UAE, from April 18-19, to a later date.

Five other MPGC Week events, being held from March 29 to April 2, will also be re-scheduled. These include Middle East Petroleum Insiders Briefing (MPI), Middle East Gas Insiders Briefing (MGI), Refining Economics Course (RE), International Oil Trading Course (IOT), and Outlook for Gasoline Trading East of Suez (OGT).




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