- The eight OPEC+ nations that had previously announced additional voluntary production adjustments in April and November 2023—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—held a virtual meeting on March 3, 2025. During the meeting, they reaffirmed their commitment to the decision made on December 5, 2024, to implement a gradual and flexible return of the 2.2 million barrels per day (mbd) voluntary cuts starting April 1, 2025. This phased increase may be halted or reversed depending on market conditions, ensuring the group maintains stability in the oil market.
- China National Offshore Oil Company (CNOOC) is set to commence operations at an upgraded joint-venture refinery complex around June, reinforcing its expansion into refining and petrochemicals. The state-owned company plans to bring online the new complex on Daxie Island in Ningbo, featuring over a dozen newly installed units under a 20 billion yuan ($2.74 billion) expansion initiative. This development could significantly boost CNOOC's demand for imported crude oil.
- Westlake Corporation has declared force majeure on membrane-grade caustic soda from its North American chlor-alkali system due to a series of operational disruptions over the past month that have severely affected production and inventory levels. While the company did not specify how long the force majeure would last, it emphasized ongoing efforts to minimize the impact on its customers.
