U.S. President Donald Trump will meet with oil company executives at the White House on Friday to discuss a historic oil-price slump threatening their businesses, brought on by the coronavirus outbreak and a Saudi-Russia price war. Trump said on Thursday Saudi Arabia and Russia had agreed to cut output by an unprecedented 10 million to 15 million barrels per day (bpd), representing 10% to 15% of global supply, after he discussed the issue with their leaders. Trump said in a press conference that he made no concessions to Saudi Arabia or Russia and did not agree to a U.S. production cut....
(Bloomberg) -- Los Angeles resident Matt Hauer has been renting out his Toyota Corolla to strangers since last May using the popular car-sharing app Getaround Inc. Occasionally his renters got parking tickets or left messes, but he was always satisfied with how Getaround addressed the issues. Then last month, his front bumper partly fell off and began dragging—which he said his mechanic assessed as the result of a renter’s fender-bender. But this time, Hauer’s attempts to get Getaround pay the $1,200 bill degenerated into a string of unanswered emails and long stretches of waiting on hold. His last interaction with the company was a phone call last week. “They told me they’d call me back in 10 minutes,” he said. “I have yet to hear back.”The economic crisis triggered by the Covid-19 pandemic is hitting startups hard. More than 7,000 employees at young tech companies have lost their jobs since March 11, according to the website Layoffs.fyi, which compiles public reporting. The so-called sharing economy in particular has been...
(Bloomberg) -- The OPEC+ coalition is pushing for other major oil producers to join it in a deep reduction of global crude output and stem the historic rout in prices, a move that sent futures sharply higher.A global cut of 10 million barrels a day is a realistic goal, according to a delegate, who spoke on condition of anonymity. The Organization of Petroleum Exporting Countries and allies, a group led by Saudi Arabia and Russia, has already scheduled a virtual meeting on Monday and wants other nations to join talks as soon as possible.The 10 million figure was first touted by President Donald Trump on Thursday, who called for a coordinated production cut. He gave no indication whether the U.S. would take part. For Saudi Arabia, it’s essential that producers including the Americans join in.Trump is meeting oil executives later on Friday. Russian President Vladimir Putin is meeting his country’s oil...
Oil's collapse has become more of a demand issue, making a potential deal between Russia and Saudi Arabia less impactful, says oil analyst and editor of The Schork Report Stephen Schork....
Whether retirement is right around the corner, or you are planning ahead for your future, here are some tips to help you stay sharp throughout the uncertainty of a bear market....
Trump said on Thursday he had brokered a deal between the two, but made no offer to reduce U.S. output, and benchmark Brent oil futures surged 21% in a record one-day rise. * "Although the discussions about possible cooperation between the oil-producing countries may be able to support the oil price at the moment, we believe that the reality on the oil market is much more gloomy." * Even cuts of 5 million bpd from levels in the first quarter of 2020 by core OPEC members and 2 million bpd from the U.S. lower-48 region and "accelerated declines elsewhere" would not change a likely global oil surplus of 9 million bpd this quarter....
