OPEC says NOPEC bill could put U.S. overseas assets, personnel at risk
U.S. assets and personnel overseas could be at risk if the country decided to pass a bill against OPEC, known as NOPEC, the head of the Organization of the Petroleum Exporting Countries told member states.
In a letter, seen by Reuters, Mohammad Barkindo encouraged member countries to engage with the U.S. administration.
“It is essential that member countries reinforce diplomatic bilateral contacts with government officials in the U.S. … and explain the disadvantages for the U.S. should the NOPEC bill become law.”
“These disadvantages might include: weakening the immunity principle at a global level, putting at risk U.S. interests overseas, and the protection for their personnel and assets,” the letter said.
Energy prices are expected to average more than one-third higher this year than in 2020, with oil averaging $56 a barrel. Metal prices are expected to climb 30 per cent, and agricultural prices are forecast to rise almost 14 per cent. Almost all commodity prices are now above pre-pandemic levels, driven by the upsurge in economic activity, as well as some specific supply factors, particularly for oil, copper, and some food commodities. “Global growth has been stronger than expected so far and vaccination campaigns are underway, and these trends have buoyed commodity prices. However, the durability of the recovery is highly uncertain,” said Ayhan Kose, World Bank Group Acting Vice President for Equitable Growth, Finance & Institutions and Director of the Prospects Group. “Emerging market and developing economies, both commodity exporters and importers, should strengthen their short-term resilience and prepare for the possibility of growth losing momentum.”
Oil climbs, but posts a weekly loss on global COVID worries MarketWatch 1 hr ago
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Oil futures climbed on Friday, but posted a weekly decline as worries about a surge in COVID-19 cases in India and Japan, in particular, contribute to concern over the demand outlook.
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The market is looking to “grasp what will weigh more heavily on demand, seeing a rise in COVID-19 infections in India and Japan but a demand uptick in the U.S. and Europe,” said Paola Rodriguez-Masiu, vice president of oil markets at Rystad Energy, in a daily note. “Indian and Japanese COVID-19 infection numbers have worried traders during the week and have caused prices to head for a weekly decline.”
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