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Another Attempt to Reach an Oil Deal: Live Updates Another Attempt to Reach an Oil Deal: Live Updates
(32 minutes later)
Talks to finalize an ambitious but tentative deal to stabilize oil markets from the ravages of the coronavirus pandemic are expected to resume on Friday as energy ministers from the Group of 20 nations hold a teleconference.Talks to finalize an ambitious but tentative deal to stabilize oil markets from the ravages of the coronavirus pandemic are expected to resume on Friday as energy ministers from the Group of 20 nations hold a teleconference.
On Thursday night, Russia and all but one member of the Organization of the Petroleum Exporting Countries reached an agreement to cut 10 million barrels a day in production, which amounts to a 23 percent reduction from the group’s baseline of about 44 million barrels a day.On Thursday night, Russia and all but one member of the Organization of the Petroleum Exporting Countries reached an agreement to cut 10 million barrels a day in production, which amounts to a 23 percent reduction from the group’s baseline of about 44 million barrels a day.
The was held up by Mexico, a member of the so-called OPEC Plus group. The country’s energy minister, Rocío Nahle, rejected OPEC’s proposal that it cut production by 400,000 barrels a day, proposing a cut of one-quarter of that amount instead, according to a message on her Twitter account. The overall agreement is contingent on Mexico’s approval, according to a statement on OPEC’s website.The was held up by Mexico, a member of the so-called OPEC Plus group. The country’s energy minister, Rocío Nahle, rejected OPEC’s proposal that it cut production by 400,000 barrels a day, proposing a cut of one-quarter of that amount instead, according to a message on her Twitter account. The overall agreement is contingent on Mexico’s approval, according to a statement on OPEC’s website.
The terms of the deal and the late-developing snag disappointed the oil markets, which had surged from two-decade lows in late March on the prospect of collective actions being taken to bolster prices and rescue the industry. West Texas Intermediate, the benchmark U.S. crude, ended the day down more than 9 percent to $22.76 a barrel on Thursday.The terms of the deal and the late-developing snag disappointed the oil markets, which had surged from two-decade lows in late March on the prospect of collective actions being taken to bolster prices and rescue the industry. West Texas Intermediate, the benchmark U.S. crude, ended the day down more than 9 percent to $22.76 a barrel on Thursday.
Oil markets were closed on Friday for the Good Friday holiday.Oil markets were closed on Friday for the Good Friday holiday.
There are substantial incentives for going ahead with the agreement even if Mexico declines to go along. The cuts are likely to win the approval of the Trump administration, which has been pressuring Saudi Arabia and Russia to cut production in order to protect the U.S. energy industry.There are substantial incentives for going ahead with the agreement even if Mexico declines to go along. The cuts are likely to win the approval of the Trump administration, which has been pressuring Saudi Arabia and Russia to cut production in order to protect the U.S. energy industry.
With global demand forecast to fall by about 25 percent, production will have fall anyway. No one will buy all the oil, and storage tanks are filling rapidly.With global demand forecast to fall by about 25 percent, production will have fall anyway. No one will buy all the oil, and storage tanks are filling rapidly.
“All producers including Saudi Arabia and Russia will be forced to cut back production regardless, and by codifying the market driven cuts, they get the U.S. off their backs politically,” said Amrita Sen, chief oil analyst at Energy Aspects, a market research firm.“All producers including Saudi Arabia and Russia will be forced to cut back production regardless, and by codifying the market driven cuts, they get the U.S. off their backs politically,” said Amrita Sen, chief oil analyst at Energy Aspects, a market research firm.
Before the coronavirus pandemic, automation had been gradually replacing human work in a range of jobs, from call centers to warehouses and grocery stores, as companies looked to cut labor costs and improve profit.Before the coronavirus pandemic, automation had been gradually replacing human work in a range of jobs, from call centers to warehouses and grocery stores, as companies looked to cut labor costs and improve profit.
Now, social-distancing directives are prompting more industries to accelerate their use of automation. And as the pandemic intensifies, long-simmering worries about job losses or a broad unease about having machines control vital aspects of daily life could dissipate.Now, social-distancing directives are prompting more industries to accelerate their use of automation. And as the pandemic intensifies, long-simmering worries about job losses or a broad unease about having machines control vital aspects of daily life could dissipate.
“Pre-pandemic, people might have thought we were automating too much,” said Richard Pak, a professor at Clemson University who researches the psychological factors around automation. “This event is going to push people to think what more should be automated.”“Pre-pandemic, people might have thought we were automating too much,” said Richard Pak, a professor at Clemson University who researches the psychological factors around automation. “This event is going to push people to think what more should be automated.”
At supermarkets like Giant Eagle, robots are freeing up employees who previously spent time taking inventory to focus on disinfecting and sanitizing surfaces and processing deliveries to keep shelves stocked. And YouTube said in a blog post that with fewer people in its offices around the world, machines were doing more content moderation.At supermarkets like Giant Eagle, robots are freeing up employees who previously spent time taking inventory to focus on disinfecting and sanitizing surfaces and processing deliveries to keep shelves stocked. And YouTube said in a blog post that with fewer people in its offices around the world, machines were doing more content moderation.
As they battle a pandemic that has no regard for borders, the leaders of many of the world’s largest economies are in the thrall of unabashedly nationalist principles, undermining collective efforts to tame the coronavirus.As they battle a pandemic that has no regard for borders, the leaders of many of the world’s largest economies are in the thrall of unabashedly nationalist principles, undermining collective efforts to tame the coronavirus.
The United States, an unrivaled scientific power, is led by a president who openly scoffs at international cooperation while pursuing a global trade war. India, which produces staggering amounts of drugs, is ruled by a Hindu nationalist who has ratcheted up confrontation with neighbors. China, a dominant source of protective gear and medicines, is bent on a mission to restore its former imperial glory.The United States, an unrivaled scientific power, is led by a president who openly scoffs at international cooperation while pursuing a global trade war. India, which produces staggering amounts of drugs, is ruled by a Hindu nationalist who has ratcheted up confrontation with neighbors. China, a dominant source of protective gear and medicines, is bent on a mission to restore its former imperial glory.
Now, just as the world requires collaboration to defeat the coronavirus — scientists joining forces across borders to create vaccines, and manufacturers coordinating to deliver critical supplies — national interests are winning out. This time, the contest is over far more than which countries will make iPads or even advanced jets. This is a battle for supremacy over products that may determine who lives and who dies.Now, just as the world requires collaboration to defeat the coronavirus — scientists joining forces across borders to create vaccines, and manufacturers coordinating to deliver critical supplies — national interests are winning out. This time, the contest is over far more than which countries will make iPads or even advanced jets. This is a battle for supremacy over products that may determine who lives and who dies.
With every country on the planet in need of the same lifesaving tools at once, national rivalries are jeopardizing access for all. At least 69 countries have banned or restricted the export of protective equipment. President Trump and his leading trade adviser, Peter Navarro, have exploited the pandemic as an opportunity to redouble efforts to force multinational companies to abandon China and shift production to the United States.With every country on the planet in need of the same lifesaving tools at once, national rivalries are jeopardizing access for all. At least 69 countries have banned or restricted the export of protective equipment. President Trump and his leading trade adviser, Peter Navarro, have exploited the pandemic as an opportunity to redouble efforts to force multinational companies to abandon China and shift production to the United States.
“The parties with the deepest pockets will secure these vaccines and medicines, and essentially, much of the developing world will be entirely out of the picture,” said Simon J. Evenett, an expert on international trade who started the University of St. Gallen project. “We will have rationing by price. It will be brutal.”“The parties with the deepest pockets will secure these vaccines and medicines, and essentially, much of the developing world will be entirely out of the picture,” said Simon J. Evenett, an expert on international trade who started the University of St. Gallen project. “We will have rationing by price. It will be brutal.”
China is scheduled next week to release economic data for the first three months of the year, when the coronavirus and efforts to contain the outbreak brought the world’s No. 2 economy to a virtual standstill. Price data released on Friday offered a further glimpse of how bad the numbers may be.China is scheduled next week to release economic data for the first three months of the year, when the coronavirus and efforts to contain the outbreak brought the world’s No. 2 economy to a virtual standstill. Price data released on Friday offered a further glimpse of how bad the numbers may be.
The producer prices index in China fell 1.5 percent in March compared with a year earlier, the National Bureau of Statistics reported on Friday. The figure marked an accelerated drop from February, when it fell 0.4 percent, as much of the country shut down in an effort to contain the outbreak.The producer prices index in China fell 1.5 percent in March compared with a year earlier, the National Bureau of Statistics reported on Friday. The figure marked an accelerated drop from February, when it fell 0.4 percent, as much of the country shut down in an effort to contain the outbreak.
The producer price index tracks the prices that factory owners see as goods pass in and out of their doors. A decline suggests weakening demand for what the country’s crucial industrial sector makes. It also reflects lower prices for oil and other fuels and raw materials.The producer price index tracks the prices that factory owners see as goods pass in and out of their doors. A decline suggests weakening demand for what the country’s crucial industrial sector makes. It also reflects lower prices for oil and other fuels and raw materials.
For consumers, inflation eased a bit from continuing high rates. The Consumer Price Index fell to 4.3 percent as government efforts to control price increases took effect. Beijing has been eager to make sure transportation and production problems don’t lead to higher prices for food and other basic necessities for the Chinese people. Prices have been rising at a fast clip for other reasons as well, including a swine disease that has devastated China’s pig herds.For consumers, inflation eased a bit from continuing high rates. The Consumer Price Index fell to 4.3 percent as government efforts to control price increases took effect. Beijing has been eager to make sure transportation and production problems don’t lead to higher prices for food and other basic necessities for the Chinese people. Prices have been rising at a fast clip for other reasons as well, including a swine disease that has devastated China’s pig herds.
Markets in the Asia-Pacific region ended mixed on Friday, as the Good Friday holiday created a rare muted session after weeks of whipsaw trading.Markets in the Asia-Pacific region ended mixed on Friday, as the Good Friday holiday created a rare muted session after weeks of whipsaw trading.
The Nikkei 225 index ended up 0.8 percent, following a more than 1 percent rise on Wall Street on Thursday. Markets in the United States and many European markets were closed on Friday for the holiday.The Nikkei 225 index ended up 0.8 percent, following a more than 1 percent rise on Wall Street on Thursday. Markets in the United States and many European markets were closed on Friday for the holiday.
The biggest news for investors was in oil markets, where major producing countries were expected to hammer out a deal to slow production and bring to an end a clash over prices. Still, the cuts may not be enough to reassure oil markets or soothe concerns about the fate of countries where the economy depends heavily on petroleum production. Prices on oil futures markets fell on Thursday in the United States.The biggest news for investors was in oil markets, where major producing countries were expected to hammer out a deal to slow production and bring to an end a clash over prices. Still, the cuts may not be enough to reassure oil markets or soothe concerns about the fate of countries where the economy depends heavily on petroleum production. Prices on oil futures markets fell on Thursday in the United States.
In other markets, mainland China’s Shanghai Composite index was down 1 percent. South Korea’s Kospi was up 1.3 percent, while in Taiwan the Taiex was up 0.4 percent. Markets in Hong Kong and Australia were closed for the holiday.In other markets, mainland China’s Shanghai Composite index was down 1 percent. South Korea’s Kospi was up 1.3 percent, while in Taiwan the Taiex was up 0.4 percent. Markets in Hong Kong and Australia were closed for the holiday.
European Union finance ministers agreed Thursday night to a plan calling for more than half a trillion euros worth of new measures to buttress their economies against the onslaught of the coronavirus, but dealt a blow to their worst-hit members, Italy and Spain, by sidestepping their pleas for the bloc to issue joint debt.
Even in the face of an unprecedented economic crisis caused by a virus that has killed more than 50,000 bloc citizens and infected over a half million, wealthier northern European countries were reluctant to subsidize cheap debt for the badly hit south.
And while Germany, the Netherlands and others showed greater generosity than they had in previous crises, the details of the measures announced showed they had gone to great lengths to limit and control the way the funding is used.
The programs the finance ministers agreed to recommend to their countries’ leaders for final approval included a €100 billion loan plan for unemployment benefits, €200 billion in loans for smaller businesses, and access to €240 billion in loans for euro-area countries to draw on from the eurozone bailout fund. One euro is equal to about $1.09.
But the ministers were not able to reach an agreement on issuing joint bonds, known as “corona-bonds,” despite pleas from the leaders of Italy and Spain, which are bearing the brunt of the crisis, after staunch resistance from Germany, the Netherlands and others. And, in a victory for the Netherlands which was lobbying to restrict how the bailout funds can be used, the ministers decided they should be limited to health-related programs.
Reporting was contributed by Michael Corkery, David Gelles, Peter S. Goodman, Katie Thomas, Sui-Lee Wee, Jeffrey Gettleman, Clifford Krauss, Carlos Tejada, Stanley Reed and Daniel Victor.Reporting was contributed by Michael Corkery, David Gelles, Peter S. Goodman, Katie Thomas, Sui-Lee Wee, Jeffrey Gettleman, Clifford Krauss, Carlos Tejada, Stanley Reed and Daniel Victor.