*OPEC+ To Discuss Weakening Oil Demand Outlook*
Today, OPEC+ are meeting to discuss the near future of oil and the role that it can play in stabilizing prices as output increases as well as coronavirus cases, but the group it unlikely to recommend any immediate cuts as they are due to meet at 1330GMT this afternoon. (Reuters)
*Oil Prices Slip After China Economic Data; Focus On OPEC+ Supply*
Oil fell this morning after the news of positive economic growth, but it came in at weaker than expected which prompted fears of the global recovery. The world’s largest exporter recorded 4.9% growth, after an expected figure of 5.2% sent tremors of uncertainty though the economy. (Reuters)
*Saudi Arabia Expects More Than $20 Bil Investment in Renewables Over A Decade*
The CEO of the Saudi National Grid expects more than $20 billion of investment over the next 10 years. The country is hoping to generate 30GW from renewable by 2025 and 60 GW by 2030, with plans to produce 70% of its power from gas and 30% from renewable. (S&P Global Platts)
*New Zealand To Keep Oil Drilling Ban, Renewables Push*
The expansion of renewable energies in New Zealand comes as the Labour Party has won an outright victory that will see the banning of all oil and gas drilling offshore, paving the way for renewable investments into the country. (Argus Media)