Logo
Friday, 29 March 2024
Monday, 02 Mar 2020 02:00 pm

CERAWeek energy Conference Cancelled over coronavirus worries

The fast-spreading virus has infected around 85,000 and killed almost 3,000 people around the world. About 70 cases have been diagnosed in the United States, which recorded its first fatality from the virus over the weekend.

newsImage
 

Coronavirus concerns prompted organizers on Sunday to cancel one of the world’s most prestigious gatherings of oil ministers and top executives from the energy and financial industries scheduled for this month in Houston.

The fast-spreading virus has infected around 85,000 and killed almost 3,000 people around the world. About 70 cases have been diagnosed in the United States, which recorded its first fatality from the virus over the weekend.

The CERAWeek energy conference is the latest event to be scrapped due to the disease, which triggered the biggest weekly stock market rout since 2008 last week. Stock markets continue to fall on Monday, but oil prices edged higher in trading in Asia on expectations OPEC will cut output. Oil fell around 15% last week.

In its decision to cancel CERAWeek, consultancy IHS Markit 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.

IHS Markit separately canceled two other international conferences scheduled this month in New Orleans, Louisiana, and Long Beach, California.

CERAWeek, first held in 1981, has in the past drawn thousands of attendees to Houston and its energy panels and technology forums. Some 5,500 delegates from 85 countries took part last year at the week-long event, according to the event’s website.

The loss of this year’s event will remove one chance for oil and gas executives “to discuss how to deal with declining demand caused by the virus epidemic” as it bears down on the industry, said Francisco Monad, a fellow in Latin American energy policy at Rice University’s Baker Institute for Public Policy.

The oil and gas industry is already battling a sharp slowdown because of the virus. The International Energy Agency last month said in an updated outlook that it was expecting global oil demand growth this year to fall to its lowest level in a decade.

Global oil prices have plummeted more than 25% this year as investors fear demand destruction from the virus. Brent oil had traded as high as $68.91 a barrel in January, before the virus outbreak was acknowledged.

In previous years, CERAWeek has been a major economic boost to the city of Houston, filling hotels and driving business at restaurants and shops.

“It’s the most important yearly gathering of the industry, in which many significant deals and conversations take place,” Monad said.

Read here


Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
© The News and Media Division of The Insight Partners 2024 | All Rights Reserved | Privacy Policy