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| OPEC and Russia Agree to Cut Oil Production | OPEC and Russia Agree to Cut Oil Production |
| (about 2 months later) | |
| The Organization of the Petroleum Exporting Countries, Russia and other countries reached a tentative agreement on Thursday to temporarily cut production. | The Organization of the Petroleum Exporting Countries, Russia and other countries reached a tentative agreement on Thursday to temporarily cut production. |
| OPEC and the other oil-producing countries agreed to cut 10 million barrels a day — about 23 percent of their production levels — in May and June, they said in a statement on Friday. Possible further trims could come from a meeting of the Group of 20 nations on Friday. | OPEC and the other oil-producing countries agreed to cut 10 million barrels a day — about 23 percent of their production levels — in May and June, they said in a statement on Friday. Possible further trims could come from a meeting of the Group of 20 nations on Friday. |
| Negotiations hit a snag late Thursday over Mexico’s reluctance to cut its share of oil, reportedly 400,000 barrels a day, leaving the deal in limbo. In the statement, the group said the deal was conditional on Mexico’s consent. | Negotiations hit a snag late Thursday over Mexico’s reluctance to cut its share of oil, reportedly 400,000 barrels a day, leaving the deal in limbo. In the statement, the group said the deal was conditional on Mexico’s consent. |
| Even before that happened, oil prices fell because analysts and traders had hoped for a bigger reduction to prevent the buildup of a glut of oil. On Thursday afternoon, the West Texas Intermediate crude future contract, the American benchmark, was down more than 7 percent to $23.28 a barrel. | Even before that happened, oil prices fell because analysts and traders had hoped for a bigger reduction to prevent the buildup of a glut of oil. On Thursday afternoon, the West Texas Intermediate crude future contract, the American benchmark, was down more than 7 percent to $23.28 a barrel. |
| Amrita Sen, chief oil analyst at Energy Aspects, a research firm, said markets would not be impressed by the deal. | Amrita Sen, chief oil analyst at Energy Aspects, a research firm, said markets would not be impressed by the deal. |
| “In a nutshell, the demand declines are going to be greater than the production declines,” said Ms. Sen. She estimated that demand would be down 25 million barrels a day, or about one-quarter of normal consumption, in April. | “In a nutshell, the demand declines are going to be greater than the production declines,” said Ms. Sen. She estimated that demand would be down 25 million barrels a day, or about one-quarter of normal consumption, in April. |
| In addition, the new cuts won’t begin until May, allowing oil supplies to increase. There are also doubts about whether some of the countries party to the cuts, like Iraq, which often produces whatever it can, will really observe them. Ms. Sen said that OPEC and its collaborators were largely doing what they would be forced to do anyway. | In addition, the new cuts won’t begin until May, allowing oil supplies to increase. There are also doubts about whether some of the countries party to the cuts, like Iraq, which often produces whatever it can, will really observe them. Ms. Sen said that OPEC and its collaborators were largely doing what they would be forced to do anyway. |
| “With the sharp decline in demand,” global producers will be forced shut down some production “because we will run out of storage space, “ she said. “OPEC-plus is simply codifying what they would have had to cut anyway.” | “With the sharp decline in demand,” global producers will be forced shut down some production “because we will run out of storage space, “ she said. “OPEC-plus is simply codifying what they would have had to cut anyway.” |
| Still, the meeting appears to be at least a start at tackling the most serious problem the oil industry and OPEC countries have encountered in decades. The decision to cut might go some way toward assuaging growing tensions between members of the cartel and the United States. | Still, the meeting appears to be at least a start at tackling the most serious problem the oil industry and OPEC countries have encountered in decades. The decision to cut might go some way toward assuaging growing tensions between members of the cartel and the United States. |
| The meeting was called by Saudi Arabia, OPEC’s de facto leader, after President Trump spoke to Crown Prince Mohammed bin Salman, the kingdom’s main policymaker. | The meeting was called by Saudi Arabia, OPEC’s de facto leader, after President Trump spoke to Crown Prince Mohammed bin Salman, the kingdom’s main policymaker. |
| Mr. Trump said Thursday afternoon that he thought the oil cartel would soon reach a deal, noting that he had just spoken to President Vladimir Putin of Russia and King Salman of Saudi Arabia. He said it was in the interest of all oil-producing countries, including the United States, to rein in production. | Mr. Trump said Thursday afternoon that he thought the oil cartel would soon reach a deal, noting that he had just spoken to President Vladimir Putin of Russia and King Salman of Saudi Arabia. He said it was in the interest of all oil-producing countries, including the United States, to rein in production. |
| “The numbers are so low that there will be layoffs all over the world,” Mr. Trump said at a White House news conference, in an apparent reference to oil prices. “There will be certainly layoffs in this country, and we don’t want that to happen.” | “The numbers are so low that there will be layoffs all over the world,” Mr. Trump said at a White House news conference, in an apparent reference to oil prices. “There will be certainly layoffs in this country, and we don’t want that to happen.” |
| The Saudis have been engaged in a price war with Russia after Moscow refused to go along with a Saudi proposal in early March to trim output to address a sharp drop in demand because of the coronavirus pandemic. The spat threatens to swamp oil markets, including those in the United States, with excessive supplies of crude. | The Saudis have been engaged in a price war with Russia after Moscow refused to go along with a Saudi proposal in early March to trim output to address a sharp drop in demand because of the coronavirus pandemic. The spat threatens to swamp oil markets, including those in the United States, with excessive supplies of crude. |
| OPEC’s secretary general, Mohammad Barkindo, acknowledged in his introductory remarks that the glut of oil had put his organization in a weak position. The Saudis, for instance, have loaded huge volumes of crude onto tankers but are said to be having trouble finding buyers for all the oil. | OPEC’s secretary general, Mohammad Barkindo, acknowledged in his introductory remarks that the glut of oil had put his organization in a weak position. The Saudis, for instance, have loaded huge volumes of crude onto tankers but are said to be having trouble finding buyers for all the oil. |
| Updated May 28, 2020 | |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | |
| More than 40 million people — the equivalent of 1 in 4 U.S. workers — have filed for unemployment benefits since the pandemic took hold. One in five who were working in February reported losing a job or being furloughed in March or the beginning of April, data from a Federal Reserve survey released on May 14 showed, and that pain was highly concentrated among low earners. Fully 39 percent of former workers living in a household earning $40,000 or less lost work, compared with 13 percent in those making more than $100,000, a Fed official said. | |
| There is an uptick in people reporting symptoms of chilblains, which are painful red or purple lesions that typically appear in the winter on fingers or toes. The lesions are emerging as yet another symptom of infection with the new coronavirus. Chilblains are caused by inflammation in small blood vessels in reaction to cold or damp conditions, but they are usually common in the coldest winter months. Federal health officials do not include toe lesions in the list of coronavirus symptoms, but some dermatologists are pushing for a change, saying so-called Covid toe should be sufficient grounds for testing. | |
| Yes, but make sure you keep six feet of distance between you and people who don’t live in your home. Even if you just hang out in a park, rather than go for a jog or a walk, getting some fresh air, and hopefully sunshine, is a good idea. | |
| Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | |
| The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | |
| Charity Navigator, which evaluates charities using a numbers-based system, has a running list of nonprofits working in communities affected by the outbreak. You can give blood through the American Red Cross, and World Central Kitchen has stepped in to distribute meals in major cities. | |
| “Our industry is hemorrhaging; no one has been able to stem the bleeding,” he said, according to text of his remarks posted on the OPEC website. “It is imperative we take urgent action.” | “Our industry is hemorrhaging; no one has been able to stem the bleeding,” he said, according to text of his remarks posted on the OPEC website. “It is imperative we take urgent action.” |
| Some producers in the United States also face difficulty selling and storing oil. Analysts from Wood Mackenzie, a research firm, said during a webinar on Thursday that storage tanks at Cushing, Okla., probably the most important such location in the United States, were filling at record speeds, putting pressure on prices. | Some producers in the United States also face difficulty selling and storing oil. Analysts from Wood Mackenzie, a research firm, said during a webinar on Thursday that storage tanks at Cushing, Okla., probably the most important such location in the United States, were filling at record speeds, putting pressure on prices. |
| With the industry in the United States threatened with job losses and bankruptcies, the Trump administration has been pushing the Saudis and Russians to cut. In an interview Thursday on CNBC, the energy secretary, Dan Brouillette, said that OPEC and its allies “can easily get to 10 million, perhaps even higher, and certainly higher if you include the other nations that produce oil, nations like Canada, Brazil, others.” | With the industry in the United States threatened with job losses and bankruptcies, the Trump administration has been pushing the Saudis and Russians to cut. In an interview Thursday on CNBC, the energy secretary, Dan Brouillette, said that OPEC and its allies “can easily get to 10 million, perhaps even higher, and certainly higher if you include the other nations that produce oil, nations like Canada, Brazil, others.” |
| The U.S. oil industry and the Trump administration have so far brushed off the idea of engaging in coordinated cuts with OPEC and Russia, but American producers are already contributing to production trims. Mr. Brouilette said that the steep fall in demand because of the pandemic would lead to a reduction of production in the United States of two million barrels a day by the end of the year. With storage space “running out, at some point everyone is going to cut production,” he said. | The U.S. oil industry and the Trump administration have so far brushed off the idea of engaging in coordinated cuts with OPEC and Russia, but American producers are already contributing to production trims. Mr. Brouilette said that the steep fall in demand because of the pandemic would lead to a reduction of production in the United States of two million barrels a day by the end of the year. With storage space “running out, at some point everyone is going to cut production,” he said. |