The World Petroleum Congress kicks off this week with a trimmed roster of energy executives and government ministers to grapple with the oil market's future as the spread of the Omicron COVID 19 variant disrupted travel.
The four-day event, rescheduled from 2020 due to the Pandemic, brings together the industry's main players every three years. It was expected to feature officials from countries such as Saudi Arabia, Nigeria, India and the United States talking about the role of new technologies and low-carbon strategies.
Travel restrictions and worries over the new variant had organizers scrambling on Sunday to fill gaps in the agenda.
On Sunday, eight energy ministers - Saudi, Qatar, Qatar, Argentina, Equatorial Guinea, Greece, Turkey and Romania - bowed out, WPC officials said. The chief executives of oil companies BP, Sonatrach and Qatar Energy withdrew.
The high-level absences resulted in travel restrictions and concerns about the new variant, organizers said. A spokesman said replacements for some speakers are being sought and the conference will continue.
The industry struggles with shortages of natural gas and power in Asia and Europe because of the production losses caused by the flu, as a result of the virus. The multi-year high energy prices recently retraced gains with new lockdowns.
Oil futures fell by 19% from the peak in October and settled at $69.88 a barrel on Friday, down 19% from the year's peak in October. The oil producing nations group, the oil producing nations group, agreed last week to continue its gradual relaxation of oil production curbs, but cautioned that it could reverse itself if the coronavirus reduces fuel demand.
The discovery of a new, fast-spreading variant is overshadowing another pressing topic for those who are gathering in Houston. Faced with increasing pressure over climate change concerns, oil producers must contend with government demands for less carbon emissions and a shift to cleaner fuels.
The conference session will begin Monday with executives from Chevron, Exxon Mobil, Saudi Aramco, Equinor and TotalEnergies laying out their approaches to the world's transition from fossil fuels.
On Tuesday, OPEC General Secretary Mohammad Barkindo is due to deliver his remarks remotely due to travel restrictions.