CNOOC is preparing to exit the US, UK, and Canada because of sanctions' concerns

China's biggest offshore oil and gas producer is preparing to exit operations in the US, UK, and Canada due to concerns around sanctions

The company had been listed on the New York Stock Exchange since 2001 but former President Donald Trump's administration added CNOOC to a list of countries it claimed were owned or controlled by the Chinese military in December 2020. Following an executive order by Trump, CNOOC was delisted from the NYSE in October 2021, the company said.

Then, it was removed from the blacklist by President Joe Biden's administration in June 2021.Joe has reversed most of Trump's policies.

Reuters calculated that CNOOC's assets in the US, UK, and Canada collectively produce around 220,000 barrels of oil equivalent per day.

Joe Biden, who on the campaign trail called for an end to drilling on federal lands, has been looking for ways to temporarily increase U.S. energy production to help drive down the price of gas. He should stop screwing around with our Strategic Reserves.

Read about it...