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OPEC and Russia Agree to Extend Oil Production Cuts OPEC and Russia Agree to Extend Oil Production Cuts
(8 days later)
Many of the world’s major oil producers agreed on Saturday to extend the record oil production cuts that have helped bolster oil prices since their collapse in April in the depths of the coronavirus pandemic.Many of the world’s major oil producers agreed on Saturday to extend the record oil production cuts that have helped bolster oil prices since their collapse in April in the depths of the coronavirus pandemic.
Oil ministers from the Organization of the Petroleum Exporting Countries, as well as other producers led by Russia, met by video conference on Saturday and reached an agreement to continue cutting 9.7 million barrels a day — or about 10 percent of global output in normal times — through July, OPEC said in a news release.Oil ministers from the Organization of the Petroleum Exporting Countries, as well as other producers led by Russia, met by video conference on Saturday and reached an agreement to continue cutting 9.7 million barrels a day — or about 10 percent of global output in normal times — through July, OPEC said in a news release.
Under the original agreement reached on April 12 by the combined producers’ group, known as OPEC Plus, production was set to increase in steps after June.Under the original agreement reached on April 12 by the combined producers’ group, known as OPEC Plus, production was set to increase in steps after June.
The recognition that the deep cuts need to continue for a month or perhaps longer shows that despite the recent surge in oil prices, the large producers remain worried that the oil market could fall apart again.The recognition that the deep cuts need to continue for a month or perhaps longer shows that despite the recent surge in oil prices, the large producers remain worried that the oil market could fall apart again.
Prince Abdulaziz bin Salman, the Saudi oil minister, noted that concern in a speech to the OPEC Plus meeting, which he headed.Prince Abdulaziz bin Salman, the Saudi oil minister, noted that concern in a speech to the OPEC Plus meeting, which he headed.
“Demand is returning as big oil-consuming economies emerge from pandemic lockdown,” he said. “But we are not out of the woods yet.”“Demand is returning as big oil-consuming economies emerge from pandemic lockdown,” he said. “But we are not out of the woods yet.”
One risk is that reviving the world economy after the worst of the pandemic passes will prove more difficult than investors are now anticipating. While production cuts and voluntary closings of oil wells have helped bring demand and supply closer to balance, there are still huge stocks of oil in tank farms and on ships that could flood the market.One risk is that reviving the world economy after the worst of the pandemic passes will prove more difficult than investors are now anticipating. While production cuts and voluntary closings of oil wells have helped bring demand and supply closer to balance, there are still huge stocks of oil in tank farms and on ships that could flood the market.
“Warning flags are still flying here,” said Robert McNally, president of Rapidan Energy Group, a market research firm.“Warning flags are still flying here,” said Robert McNally, president of Rapidan Energy Group, a market research firm.
Mr. McNally noted that the April price crash dramatically altered the dynamic between Saudi Arabia and Russia, which engaged in an ill-timed price war after a failed OPEC meeting in early March. The Saudis sharply boosted production in April, just as the effects of global shutdowns were hitting oil demand hardest.Mr. McNally noted that the April price crash dramatically altered the dynamic between Saudi Arabia and Russia, which engaged in an ill-timed price war after a failed OPEC meeting in early March. The Saudis sharply boosted production in April, just as the effects of global shutdowns were hitting oil demand hardest.
That contributed to the crash in oil prices in late April, with West Texas Intermediate crude, the American standard, falling into negative territory, while Brent crude, the international benchmark, briefly dropped below $20 a barrel.That contributed to the crash in oil prices in late April, with West Texas Intermediate crude, the American standard, falling into negative territory, while Brent crude, the international benchmark, briefly dropped below $20 a barrel.
Updated July 7, 2020
The coronavirus can stay aloft for hours in tiny droplets in stagnant air, infecting people as they inhale, mounting scientific evidence suggests. This risk is highest in crowded indoor spaces with poor ventilation, and may help explain super-spreading events reported in meatpacking plants, churches and restaurants. It’s unclear how often the virus is spread via these tiny droplets, or aerosols, compared with larger droplets that are expelled when a sick person coughs or sneezes, or transmitted through contact with contaminated surfaces, said Linsey Marr, an aerosol expert at Virginia Tech. Aerosols are released even when a person without symptoms exhales, talks or sings, according to Dr. Marr and more than 200 other experts, who have outlined the evidence in an open letter to the World Health Organization.
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.
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
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.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
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.)
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.
With traders anticipating a new deal, both Brent crude and West Texas Intermediate crude soared by nearly 6 percent on Friday, to $42.30 a barrel for Brent crude and $39.55 a barrel for the West Texas crude. The markets were closed on Saturday.With traders anticipating a new deal, both Brent crude and West Texas Intermediate crude soared by nearly 6 percent on Friday, to $42.30 a barrel for Brent crude and $39.55 a barrel for the West Texas crude. The markets were closed on Saturday.
The shocking price falls coupled with pressure from President Trump, who was worried about job losses in the oil industry in the United States, led Riyadh and Moscow to abruptly change their approach and resume their cooperation.The shocking price falls coupled with pressure from President Trump, who was worried about job losses in the oil industry in the United States, led Riyadh and Moscow to abruptly change their approach and resume their cooperation.
The two oil giants worked together to orchestrate the extension agreed on Saturday, and they also pressured Iraq, the second largest producer in OPEC, to state publicly that it would comply with its commitment to cut production by about 1 million barrels a day. Analysts have estimated that Iraq has been missing that target by hundreds of thousands of barrels a day.The two oil giants worked together to orchestrate the extension agreed on Saturday, and they also pressured Iraq, the second largest producer in OPEC, to state publicly that it would comply with its commitment to cut production by about 1 million barrels a day. Analysts have estimated that Iraq has been missing that target by hundreds of thousands of barrels a day.
“Despite the economic and financial circumstances that Iraq is facing, the country remains committed to the agreement,” a news release posted by OPEC on Saturday quoted Assem Jihad, a spokesman for the Iraqi oil ministry, as saying.“Despite the economic and financial circumstances that Iraq is facing, the country remains committed to the agreement,” a news release posted by OPEC on Saturday quoted Assem Jihad, a spokesman for the Iraqi oil ministry, as saying.
The Saudi minister underlined that message.The Saudi minister underlined that message.
“Each of the 23 countries represented here must be on guard for any signs of backsliding from their commitments,” he said at the second meeting. And he warned that production would be closely monitored.“Each of the 23 countries represented here must be on guard for any signs of backsliding from their commitments,” he said at the second meeting. And he warned that production would be closely monitored.