Under the OPEC deal, Mexico was expected to cut production by 400,000 barrels per day but the country resisted during the overnight talks and demanded the reduction be limited to 100,000. Another key meeting takes place on Friday, when G20 energy ministers hold talks remotely to discuss steps to steady the market. Some oil industry officials have said even an agreement to cut production by 10 million barrels per day won't be enough to stabilize the market because current oversupply is ...
The Fed also plans to become much more aggressive than it was during the 2008 financial crisis, as it is now buying debt from large corporations and states, something it has never done before in its history. Numerous support programs the Fed is deploying against the virus shutdown are similar to programs it utilized to support the economy following the 2008 financial crisis.
The World Trade Organisation (WTO) has declared that global trade would experience its worst decline in 10 years as a result of the Coronavirus pandemic. However, the situation has taken a dramatic turn since COVID-19 first emerged in China late a year ago. While services are not included in the WTO merchandise trade forecast for 2020, the WTO noted that most trade in goods would be impossible without services such as transport.
On the same day that the number of Americans seeking unemployment benefits reached 16.8 million in just the past three weeks, Chairman Jerome Powell said the Fed fully meant to use its powers "forcefully, proactively and aggressively until we are confident that we are solidly on the road to recovery".
The U.S. government was set to report unemployment claims today, with the number expected to shock even after a record almost 10 million people applied for benefits in the previous two weeks because of business shutdowns from the coronavirus .
Alberta lost 117,000 jobs in March. "In March, 219,000 people were not in the labour force but had worked earlier in March and still wanted a job", the agency's website reads. However, hotels & restaurants and wholesale & /retailers got hammered, down 5,800 jobs (13 per cent) and 7,300 positions (7.5 per cent) respectively.