OPEC and Russia have postponed a Monday meeting to discuss oil output cuts until April 9, OPEC sources said on Saturday, as a dispute between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified. The delay came amid pressure from U.S. President Donald Trump for the Organization of the Petroleum Exporting Countries led by Saudi Arabia and its allies, a group collectively known as OPEC+, to urgently stabilise global oil markets. Oil prices hit an 18-year low on March 30 due to a slump in demand caused by lockdowns to contain the coronavirus outbreak and the failure of OPEC and other producers led by Russia to extend a deal on output curbs that expired on March 31....
OPEC and Russia have postponed a meeting planned for Monday until later next week, OPEC sources said on Saturday, as a row intensified between Moscow and Saudi Arabia over who is to blame for plunging oil prices. The meeting's delay came despite pressure from U.S. President Donald Trump for the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, to urgently stabilise global oil markets. OPEC+ is working on an unprecedented oil output curb equal to about 10% of world supply, or 10 million barrels per day, in what member states expect to be a global effort that will include the United States....
The chief executives of Abbott Laboratories and Thermo Fisher Scientific Inc have told Amazon they would like to work with the e-commerce company, though the U.S. government is taking up all of their testing capacity at present, the notes said. The nature of Amazon's conversations with the test makers and the exact assistance they might offer were unclear. The document separately indicated Amazon is looking into the ability to screen more than one person at a time for the virus, and it also wants to partner with a medical organization in its testing efforts....
(Bloomberg) -- Russia would target a 1 million barrel-a-day cut in any new deal with other key oil producers, on condition the U.S. joins cuts, according to four people familiar with the sentiment in the industry.The country’s President Vladimir Putin, who said that a reduction in global oil production of about 10 million barrels a days is possible and the nation is ready to participate in this “on a partnership” basis, won’t agree for Russia to take more than one-tenth of the global cuts, according to one of the people, who spoke on condition of anonymity because the matter isn’t yet public.The idea to decrease global production by 10 million barrels a day, in response to the shrinking demand amid the coronavirus outbreak, was initially announced by the U.S. President Donald Trump earlier this week and then echoed by Putin at the meeting with Russian biggest oil producers and government officials.The...
(Bloomberg) -- From her home window, Belinda Constant, mayor of Gretna, Louisiana, watches the mighty Mississippi flow by. Beyond it are the sparkling lights of New Orleans. She views both warily these days.New Orleans is a hot spot for Covid-19, and thousands of cases locally means she’s working with a skeletal staff under lockdown conditions. Meanwhile, the Mississippi has risen more than a foot in the past week, triggering emergency flood measures. And the rains keep coming.Gretna itself is below sea level, and currently some 11 feet below the surging river. All that’s keeping the city dry is a levee built by the U.S. Army Corps of Engineers after Hurricane Katrina in 2005. Constant says she prays every day that it doesn’t rain any more, or that one of the enormous cargo ships making its way down the river doesn’t get caught in the currents and swept into the barrier.“It is scary. Everybody is...
Verizon CEO Hans Vestberg tells Yahoo Finance Editor-in-Chief Andy Serwer how the company has responded to the coronavirus crisis, weighing its responsibility to multiple stakeholders amid a shift in demand for its products and services....
