An unprecedented deal by oil producers to curb supply to match demand hollowed out by the coronavirus pandemic is set to depend partly on purchases by consumer countries for their strategic stockpiles on a scale not before seen. The Organization of the Petroleum Exporting Countries, along with Russia and other producing countries - a grouping known as OPEC+ - partnered with other oil-pumping powerhouses like the United States for an agreement set to remove a total of around 19.5 million barrels per day (bpd) from the market. Officials and sources from OPEC+ states indicated the International Energy Agency (IEA), the energy watchdog for the world's most industrialised nations, may announce purchases of up to several million barrels to buoy the deal....
At this point, it looks certain the coronavirus (COVID-19) outbreak could trigger the first U.S. recession since 2008. However, the stock market is now reacting very differently today than it did in 2008.On Sept. 29, 2008, the S&P 500 dropped 8.8%, its first drop of more than 5% in a single day during the financial crisis. Over the next 23 trading sessions, the S&P dropped another 13.8%.On March 9, 2020, the S&P 500 experienced a similar 7.6% drop due to concerns about the negative economic impact of COVID-19. However, over the next 23 trading sessions, the S&P 500 has risen 0.5% overall.DataTrek Research co-founder Nicholas Colas has been tracking the 2020 trading action and comparing it to the fall of 2008. For weeks, the 2020 market was trading in tandem with 2008, but it has broken out of that pattern in the last two weeks.See Also: Will The COVID-19 Economic Shutdown...
Mexico's president has incurred a debt with President Donald Trump by accepting U.S. help to end a standoff over global oil cuts, triggering concern the American president will in return make the country pay on issues like migration and security. President Andres Manuel Lopez Obrador, a leftist oil nationalist, had balked at a demand by the OPEC+ group of oil producing nations to cut output by 400,000 barrels per day. Instead, he offered a cut of 100,000 bpd and said Trump "generously" agreed last week to help Mexico make up the rest....
Sometimes, fleets pursue initiatives to make their operations more environmentally friendly. Other times, they’re tasked with this based on an order from management. Here’s how successful fleets achieve these goals ...
