Category: Business

Mexico will reduce its oil output by 100,000 barrels per day (bpd) from May after top oil producers collectively agreed to cut production by 9.7 million barrels per day at OPEC+ talks, Mexican officials said on Sunday. Mexican Energy Minister Rocio Nahle said on Twitter the agreement to cut output by 9.7 million bpd had […]

U.S. President Donald Trump on Sunday praised a deal among the world’s top oil producers to cut global petroleum output, saying it would save jobs in the U.S. energy industry. “This will save hundreds of thousands of energy jobs in the United States,” Trump said, adding that he thanked and congratulated Russian President Vladimir Putin […]

The Saudi energy minister said on Sunday that effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day, because of higher output in April from Saudi Arabia, the United Arab Emirates and Kuwait. Prince Abdulaziz bin Salman said by the telephone on Sunday […]

Major U.S. airlines were urging Treasury officials and the federal government’s outside advisers on Saturday to scrap or revise a proposal that would make part of the $25 billion earmarked by Congress to help keep workers on the payroll repayable in the form of low-cost loans. Treasury Secretary Steven Mnuchin told the airlines on Friday […]

Oil prices were mixed on Monday, as the historic production-cut deal inked by major global oil producers was not enough to assuage existing worries about the demand destruction brought on by the coronavirus pandemic. Brent LCOc1 futures rose 26 cents, or 0.8%, to settle at $31.74 a barrel, while U.S. West Texas Intermediate (WTI) crude […]

As the U.S. Federal Reserve rolls out trillions of dollars to blunt the economic fallout of the coronavirus pandemic, there’s a notable difference to the last financial crisis: close to zero concern over “moral hazard” – the sticky business of bailing out those whose dilemma is of their own making. That’s freed up the U.S. […]

An agreement by oil-producing nations on Sunday to cut output by a record amount may sustain a recent bounce in stocks, although stay-at-home restrictions and closures tied to the coronavirus pandemic still weigh on the global economy. OPEC and allies led by Russia agreed to cut oil output by a record amount – representing around […]