Oil futures were little changed on Sunday even after major oil producers reached a deal for a record 10 million-bpd output cut, with analysts saying the agreement was insufficient to head off oversupply as the coronavirus pandemic hammers demand. Total global oil supply cuts could come to 20 million barrels per day, around 20% of global supply, Kuwait's oil minister said. After four days of wrangling, OPEC, Russia and other oil-producing nations, a group known as OPEC+, agreed on Sunday to cut output by a record amount of 9.7 million barrels per day, representing around 10% of global supply to support oil prices amid the pandemic, sources said....
(Bloomberg) -- New York State has one of the world’s highest death tolls, but fewer patients went to hospitals, a positive trend noted by the governor. Fewer new deaths were reported in hard-hit Italy and France.The rate of increase for new U.S. cases fell for a second day. A Fed banker cast doubt on a rapid recovery after economic life restarts. France, Germany, Italy and Spain reported a slowdown in new cases, allowing governments to seek ways for safely easing lockdowns. The U.K. became the fifth nation to record more than 10,000 deaths.Key DevelopmentsCoronavirus Tracker: Global cases exceed 1.8 million; deaths top 113,000Pork producer warns of meat shortagesNBA owner Mark Cuban sees fanless gameCruise passengers spend Easter on “ghost ship”Volatile data complicates ending Europe lockdownChina’s Harbin tightens measuresN.J. Starts Planning for Possible Reopening (4:45 p.m. NY)New Jersey reported an additional 168 deaths from Covid-19, bringing the statewide total to 2,350. Cases...
The world is going to be oversupplied with crude oil ahead of the May 1 production cuts. The tanks are going to be filled as well as the off-shore tankers. The move by OPEC+ is not strong enough to tighten up supply over the short-run....
Following several days of meetings that began last Thursday, a historic oil deal has been reached.OPEC+ have agreed to cut production by 9.7 million barrels per day for May and June. Mexico, which was a key country that that kept an agreement delayed, will cut its output by about 100,000 barrels per day. In all, this represents about 10% of global supply.Oil prices have been volatile since Russia's disagreement with OPEC's decision to cut oil supply in early March resulted in a price war with Saudi Arabia."Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs," according to Reuters.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.>...
(Bloomberg) -- New York State has one of the world’s highest death tolls, but fewer patients went to hospitals, a positive trend noted by the governor. Fewer new deaths were reported in hard-hit Italy and France.The rate of increase for new U.S. cases fell for a second day. A Fed banker cast doubt on a rapid recovery after economic life restarts. France, Germany, Italy and Spain reported a slowdown in new cases, allowing governments to seek ways for safely easing lockdowns. The U.K. became the fifth nation to record more than 10,000 deaths.Key DevelopmentsCoronavirus Tracker: Global cases exceed 1.8 million; deaths top 113,000Pork producer warns of meat shortagesNBA owner Mark Cuban sees fanless gameCruise passengers spend Easter on “ghost ship”Volatile data complicates ending Europe lockdownChina’s Harbin tightens measuresN.J. Starts Planning for Possible Reopening (4:45 p.m. NY)New Jersey reported an additional 168 deaths from Covid-19, bringing the statewide total to 2,350. Cases...
(Bloomberg Opinion) -- After four days of high drama, low farce and long periods of tedium, the OPEC+ group of countries, led by Saudi Arabia and Russia, finally agreed to a record cut in their oil production in response to the coronavirus-triggered collapse in demand. But the deal will come under pressure when the world becomes a more normal place again.The drama was provided by Mexico refusing to accept its allotted cut. The farce followed when the country’s oil minister left the virtual OPEC+ meeting to hold separate talks with her U.S. and Canadian counterparts, while the other energy ministers agonized for hours, and then for days, over how to respond. The tedium? Well, that was just the bits in between.Mexico was asked to cut 400,000 barrels a day of production in the first phase of an OPEC+ deal that would run for an unprecedented two years. It offered one-quarter of that, and from a...
