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April 8, 2020
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Reuters - Business

U.S. pushes back on call by OPEC+ to join big oil output cuts

Reuters
LONDON/MOSCOW (Reuters) – Saudi Arabia, Russia and allied oil producers will agree to deep cuts to their crude output at talks this week only if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis. FILE PHOTO:......
Reuters - Business

OPEC+ likely to agree to cut production if U.S. joins effort: sources

Reuters
DUBAI/LONDON/MOSCOW (Reuters) – Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on......
Reuters - Business

Oil prices under pressure from Saudi-Russia dispute, but tariffs provide support

Reuters
NEW YORK/LONDON (Reuters) – Global benchmark oil prices are expected to open lower on Monday as a dispute between top crude exporters Russia and Saudi Arabia raises concerns of another collapse in talks to curb production at a meeting this week. FILE PHOTO: The sun is seen behind a crude......
Reuters - Business

Trump threatens tariffs on oil imports to ‘protect’ U.S. energy workers

Reuters
WASHINGTON (Reuters) – U.S. President Donald Trump said on Saturday he would impose tariffs on crude imports if he has to “protect” U.S. energy workers from the oil price crash that has been exacerbated by a war between Russia and Saudi Arabia over market share. U.S. President Donald Trump addresses......
Reuters - Business

OPEC+ meeting delayed as Saudi Arabia and Russia row over oil price collapse: sources

Reuters
DUBAI/MOSCOW (Reuters) – OPEC and Russia have postponed a meeting due on Monday to discuss oil output cuts until April 9, OPEC sources said on Saturday, as a row between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified. FILE PHOTO: Saudi Arabia’s Minister of......
Reuters - Business

OPEC+ debates biggest-ever oil cut, awaits U.S. efforts

Reuters
DUBAI/LONDON/MOSCOW/NEW YORK (Reuters) – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of worldwide supply in what they expect will be a global effort including the United States, but the White House did not make such a commitment after......
Reuters - Business

Deep OPEC+ cuts won’t be enough to prevent oil inventory build: IEA head

Reuters
FILE PHOTO: Fatih Birol, Executive Director of the International Energy Agency, speaks with the media during the International Energy Forum (IEF) in New Delhi, India, April 11, 2018. REUTERS/Altaf Hussain LONDON (Reuters) – Deep oil output cuts by OPEC and other producing nations would not be enough to prevent a......
Reuters - Business

Trump touts ‘great’ Saudi-Russia oil deal to halt price rout, but details unclear

Reuters
DUBAI/MOSCOW/WASHINGTON (Reuters) – U.S. President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how cuts would work were unclear. Trump said the two......
Reuters - Business

Saudi Arabia and Russia signal readiness to cooperate on oil

Reuters
DUBAI/MOSCOW (Reuters) – Saudi Arabia and Russia signalled on Thursday they were ready to cooperate to help stabilise the oil market after calls with U.S. President Donald Trump to discuss the slump in prices triggered by the end of a deal to curb output and a collapse in demand. After......
Reuters - Business

Exclusive: U.S. officials agree on new ways to control high tech exports to China – sources

Reuters
NEW YORK/WASHINGTON (Reuters) – The Trump administration is tightening rules to prevent China from obtaining advanced U.S. technology for commercial purposes and then diverting it to military use, several sources told Reuters. FILE PHOTO: A Chinese government worker adjusts the U.S. and Chinese national flags before a news conference at......
Reuters - Business

U.S. Energy Department urges Saudi, Russia to calm oil markets

Reuters
WASHINGTON (Reuters) – The U.S. Energy Department on Wednesday urged Saudi Arabia and Russia to calm oil markets after the kingdom’s crude supply rose to a record of more than 12 million barrels per day even as oil demand falters on the coronavirus pandemic. “Boosting production during this time of......
Reuters - Business

Oil refiners face reckoning as demand plummets

Reuters
HOUSTON/NEW YORK (Reuters) – The global oil refining industry is facing a reckoning from falling fuel demand that is the deepest and fastest ever. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. . REUTERS/Angus......
Reuters - Business

Chinese buyers snap up U.S. oil purchases at widest discounts ever

Reuters
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford SINGAPORE (Reuters) – China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as......
Reuters - Business

China’s ports brace for second hit as virus spread wipes out exports

Reuters
BEIJING (Reuters) – China’s ports and shipping firms are bracing for a second wave of supply chain disruptions that may be deeper and more prolonged than during the country’s coronavirus lockdown as the global spread of the virus chokes off international demand. FILE PHOTO: Containers are seen at the Yangshan......
Reuters - Business

Exclusive: U.S. plans to lease space to energy companies to store oil in emergency reserve

Reuters
FILE PHOTO: An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File Photo NEW YORK/WASHINGTON (Reuters) – The U.S. Department of Energy plans to announce as soon......
Reuters - Business

U.S.-Saudi oil alliance idea born at White House, put on back burner for now

Reuters
WASHINGTON (Reuters) – Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said came from White House national security advisers. FILE PHOTO: U.S.......
Reuters - Business

IMF extends bilateral borrowing arrangements through 2023

Reuters
FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo WASHINGTON (Reuters) – The International Monetary Fund said on Tuesday its board approved a new three-year framework for bilateral borrowing agreements, ensuring that......
Reuters - Business

China factory activity unexpectedly expands, but economy cannot shake off virus shock

Reuters
BEIJING (Reuters) – Factory activity in China unexpectedly expanded in March from a collapse the month before, but analysts caution that a durable near-term recovery is far from assured as the global coronavirus crisis knocks foreign demand and threatens a steep economic slump. FILE PHOTO:A worker walks past a steel......
CNBC Business

Food crisis looms as farms idle, countries hoard supplies

CNBC
CNBC – For more and to sign up click here Agricultural laborers spray against insects and weeds inside the orchards of a fruit farm in Mesa, California. In this time of the Covid-19 Coronavirus pandemic, agricultural workers have become essential workers in the race to maintain Americas food supply while......
Reuters - Business

Pence says virus taskforce soon to deliver recommendation on whether to re-open economy

Reuters
FILE PHOTO: Vice President Mike Pence addresses the coronavirus task force daily briefing at the White House in Washington, U.S., March 24, 2020. REUTERS/Jonathan Ernst (Reuters) – Vice President Mike Pence, heading the Trump administration’s response to the coronavirus outbreak, said on Saturday that he would deliver a recommendation to......

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