FILE PHOTO: The New York Stock Exchange is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease in New York City, New York, U.S., April 13, 2020. REUTERS/Andrew Kelly
UnitedHealth Group Inc , the biggest U.S. health insurer, reported a fall in quarterly profit, but its shares rose 2.6% in premarket trading as it maintained its 2020 profit outlook at a time when major companies have withdrawn forecasts due to the coronavirus pandemic. J.C. Penney Co Inc slumped 14.7% as sources said the retailer was exploring filing for bankruptcy protection after the virus outbreak upended its turnaround plans.
Source: News Formal (newsformal.com)
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Explainer: Big cuts in oil production from OPEC and othersWorldwide oil producers, led by OPEC, are expected to cut production by roughly 20 million barrels per day (bpd), roughly equal to 20% of global daily supply, through a combination of mandated cuts, production falls due to poor economics, and purchases into oil reserves.
Source: Reuters - 🏆 2. / 97 Read more »
Trump Says OPEC Is Looking to Cut Oil Production by 20 Million Barrels a DayPresident Trump said a coalition of 23 nations that reached a deal on Sunday to address a mounting global oil glut is aiming to cut production by 20 million barrels of oil a day, more than twice the number originally revealed. And we believe him now why? OUT OF SHADOWS Share it! I say go for it. The other nations face drastically lower production costs and reduced outputs are the only way to maintain a stable energy dollar and the long term health of a vital national security asset.
Source: WSJ - 🏆 98. / 63 Read more »
Saudi Arabia may tap debt market as oil output cuts hit revenues: sourcesSaudi Arabia is likely to sell new international bonds soon as Sunday's historic deal to cut oil output among major producers puts further pressure on revenues already hurt by the collapse in crude prices, four banking sources said. Under a new Pres, US must cease any alliance, trade etc with Saudi Arabia! Sure, replace actual Revenue with borrowed Money.. they've been doing that since the FinancialCrisis started Covid_19 has created a huge economic crisis which is going to take some time to recover! Latest updates | cases per million population 👇 COVID19 COVID2019
Source: Reuters - 🏆 2. / 97 Read more »
Will the oil price deal help recover the global economy?Celebrations for oil production cuts may have come too soon and will mainly benefit a few rich countries and shareholders.
Source: trtworld - 🏆 101. / 63 Read more »
Record oil output cuts fail to make waves in coronavirus-hit marketFalling oil prices on Monday showed that oil producers still have a mountain to climb despite record output cuts in an effort to restore market balance as the coronavirus pandemic shreds demand and sends stockpiles soaring, industry watchers said. The oil should be more polite. Let’s build and repair roads Oil is cheap Summer is coming up People need jobs Fuel consumption has reduced significantly That may be a factor
Source: Reuters - 🏆 2. / 97 Read more »
Kremlin says 'important' global oil deal helped avert market chaosThe Kremlin said on Monday that the global oil output deal clinched by OPEC and non-OPEC countries had helped stop oil markets sliding into chaos and would help support a more or less stable oil price dynamic. Hahahahaha. Of course that little ole price war may have played a minor role. We should rename 'Peskov' to 'Oilkov' Well if the Kremlin says it..., it MUST be true.
Source: Reuters - 🏆 2. / 97 Read more »