OPEC and non-OPEC Ministerial Meeting was held via videoconference on Sunday 12 April 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia's Minister of Energy, and co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation.
Ahead of that, however, April could prove the worst month ever for the industry as production is set to increase while demand tumbles amid economic lockdowns around the world, IEA Executive Director Fatih Birol said . Oil prices fell on Tuesday as the market's focus returned to weak demand as traders lost what little enthusiasm they had for the production cut deal from OPEC and Russian Federation and endorsed by President Donald Trump.
Corporate quarterly earnings results set for release include Bank of America ( BAC ), Citigroup (C), Goldman Sachs (GS) and UnitedHealth Group ( UNH ). Stock futures were roughly flat Tuesday evening as investors considered ongoing signs that coronavirus cases were leveling off in some hot spots in the USA, helping brighten the prospects that social distancing measures would be lifted and business activity would eventually resume.
Last week, the IMF's managing director, Kristalina Georgieva, warned that the world was facing "the worst economic fallout since the Great Depression ". "Tighter global financial conditions, weaker public confidence, and lower remittances are also expected to weigh on private consumption and investment", Mr.
Meanwhile, following today's repo rate cut, the rand lost more than 1% against the USA dollar. Against this backdrop, the MPC chose to cut the repo rate by 100 basis points. Monetary policy can ease financial conditions and improve the resilience of households and firms to the economic implications of Covid-19. SA's interest rates are now at their lowest in history, and come amid a wave of global central bank cutting in an attempt to offset the economic damage from the Covid-19 pandemic.
Tonken said a recent firming of natural gas contract prices likely results from expectations that associated gas output will fall as oil wells are shut down. "The United States will help Mexico along and they'll reimburse us sometime at later date when they're prepared to do so", Trump said at a White House press briefing Friday.