Another basis point added when it comes to the german tenyear. We continue to see the buck getting bid. 1. 0865 when it comes to eurodollar. Vonnie in the u. S. , a nice rally after that tweet that saudi arabia is looking for an urgent opec meeting, and then, as if that rally wasnt enough, the president tweeted again taught thing it could be as much as 15 Million Barrels. He just casually added another 5 Million Barrels to the amount that saudi and russia would have to agree to deplete their production by. 1. 75 right now. A lot of that is due to the energy index. 14 , andd as much as it is still up about 12 . Many of the oil, gas, energy, and equipment, particularly drillers rallying off the back of that. Elsewhere, we have 10 year yield at 60 basis points. The dollar index is above 100 right now. Get some more on this oil story. We are joined by bloomberg Senior Editor of commodities and energy. Lets talk a little bit about whether or not this is actually going to happen. The president is talking about 10 to 15 Million Barrels a day coming off the market. The saudis potentially talking about an opec meeting. But until we get everybody in the same room, everybody on the same page, do we need to be a little bit cautious here . Reporter yes, probably. The main issue is the 10 million or 15 Million Barrels number. What exactly does that mean . Million or 50 million on their own isnt much. At about five tankers worth of crude. 10 Million Barrels a day, that is a significant amount. That is what we are seeing priced into the market, at least from the market reaction. Going to cutaudis so much on their own . Is it going to be saudi arabia and russia together . Is it going to be all of the opec members combined going to cut so much . None of those details are out yet. The russian government also says they havent spoken to the saudi side. Obviously, saudi arabia has asked for an urgent a put less an urgent opec meeting. We will have to see what happens then. Vonnie if the president can have the market rally and crude Oil Prices Get up to where we havent seen them in a long time without even an actual official agreement from the two parties, why do they even need to agree on anything . Cant they let the president do their work for them . Pratish yes, and that is going to be a question that is definitely going to be asked. Havea and saudi arabia always touted the independence of the opec group. They couldnt come to an agreement earlier in march, and that is when they decided to go on this allout war, especially targeting american shale producers. But now what is happening is the american president seems to be dictating what they should be doing, which is an interesting sort of change in the dynamic, for sure. Do you think the americans would also have to commit to some sort of a cut here . Clearly, the president has been putting pressure on the crown prince. Nevertheless, there has been growing expectation, as we were talking to the Texas Railroad commissioner moments ago, that maybe we will have to see the u. S. Playing a part in this, and actually, that would be a desirable outcome in terms of the management of the supply side in the crude market. I would have to assume obviously, the Texas Railroad commissioner has already said is willing to meet with opec how shaled discuss producers can also cut output. Remember, this is something that they have always sort of shied away from in the past, but you can see the severity of the Oil Price Crash really start to pain the shale producers, and that is why they are probably relenting. Vonnie our thanks to bloombergs Senior Editor for commodities and energy, partition ariana and and energy, pratish narayanan. Lets get more now. We are joined by Padhraic Garvey , ing Financial Markets head of global debt and rates strategy. A lot of pressure on currencies. Will this provide some solace to these countries and currencies now . Padhraic. C this pretty padhrai is pretty important news. If you are an exporter of oil, these are uncertain times. Theres been huge pressure there. , we have seen a sizable reaction in highyield. Highyield has been the sector where all of the stress really started a number of weeks back, and highyield is energy intensive. Before the tweet, highyield was continuing the widening process we saw over the past few days. It takes a bit of pressure off of the highyield sector. But as youve seen over the past couple of weeks, there are many pressures out there. Every little bit helps for sure. Vonnie the trouble with this kind of is it is not clear at all that mbs and putin have any kind of agreement, or any will for an agreement. This is the president throwing the bomb into the water and kind of running away. If they dont agree on something pretty soon, will we see a reaction the other way that eclipses this reaction . Well, the other dimension here is that there is still a very significant supply overhang in the marketplace on top of that. We know theres been massive cut in demand as well. It is very unclear that that is going to come back. That is why core rates are so low right now, because there is persistent downward pressure on prices generally. Doesnt picture, it completely take away the pressure from credit spreads as a whole, and doesnt take away the pressure from emerging markets as a whole because a lot of these emerging markets, even if they dont export oil, many of them have liabilities in denominated dollars, and the pressure on Dollar Strength remains. Slowly toking its way makingtam tw its way to latam as well. Guy there have been certain countries around the world affected by what has happened. Lower oil prices have forced sellers of treasuries. Do you think, if we were to see Higher Oil Prices, that may abate a little bit and maybe stabilize the treasury market and the dollar market as a result of it . As aaic i think standalone factor, it has that impact. I think that is fair to say, that we could expect a Higher Oil Price going forwards. By definition, it pushes up prices generally. But it is part of a bigger dynamic here. Weve seen over the past couple of weeks a massive flight from risk assets. At the assets under management on the front end of the government curve. It is up 12 . Theres been up to 10 outflow from emerging markets, 10 from highyield. It doesnt feel that those flows are magically going to come back just because of this nuance in terms of the supply of oil. Bigger picture, yes, it has an impact. But if you factor in all of the other negatives, theres only one way for rates to go here, and that is even lower. Looking for the 10 year to get below 50 basis points. Lets talk a bit about what is happening in europe. We find ourselves in a situation when the head of the European Commission is forced to write a letter in an italian newspaper saying sorry. Clearly, europe is worried that the Investor Base currently supporting italy has the potential to walk away. Im wondering how real that risk is. How much concern is there are around what is happening in the btv market and italian credit market, and does the european political establishment have reason to be concerned here . Padhraic on the last bit, absolutely. Italy, we know, was a massive issuer of government bonds. It started with the economy in the euro zone, the thirdlargest. We have a scenario here where the italian jet ddp italian debt gdp ratio is the lowest since the financial crisis. The prognosis is quite negative. We are not seeing International Players like italy. The only International Player buying italy right now is the ecb. Versus been 10 outflow the ecb. If it hadnt been for the ecb, and terms of buying all government bonds, but crucially italy, italy would be far wider. Its pretty clear from a market discount perspective that the politicians are really important in terms of containing the width that italy could spiral out of control in terms of pricing Italian Government bonds. So so far, so good. But it is certainly something that is right on top of the agenda. Vonnie what is the consensus around trading desks in london . Will there be some kind of paneuropean bond, a corona bond . Before the euro came in, there was probably a lot of skepticism that there would be a euro market, if you like. What is the sense now . Give us the tone. Sense is i think the that we are in a place that is quite exceptional, and we have been in some exceptional places over the past decade. The ecb has done things we never thought they would do in terms of qe. I think the mindset is that there is a comfort factor, this we need to come out and issue a corona bond at the joint of several liability products, it is something that could happen. The soundings from Northern Europe have been pretty positive on this. They typically havent been very positive, but it looks like it could be a runner if it has to be a runner. Whereis a scenario european governments could issue a perpetual, call it a corona bond, and the ecb could buy that and have it on the books, and ultimately even write off that bond. That would be a very extreme case solution, but it would be a solution, and i think that is the mindset. Vonnie the news overnight is thatks are allowing they are allowing that the fed is allowing banks to lower their leveraged rate. Would anyone be excited by that idea . Padhraic every time the fed comes out with new measures, it does help. Theres no doubt about that. It helped for the money market funds. The way the fed provides help to money market funds is they literally rent space on Bank Balance Sheets without regulatoryg their rates. It happened overnight is another example of that. So it helps. The banks are under a bit of pressure because they need to abide by the rules of engagement that came out of the great financial crisis. What we are seeing from the fed and from europe as well is a loosening of these rules. You dont want to throw them out the window, but you want to facilitate a process whereby banks can provide as much help as they can. So it was taken as a positive. We got a number of european panies, either droll a companies, iberdrola, volkswagen saying that basically, theres a need at this point for demand for that paper. Do you get in front of that . Do you think that is going to happen to the ecb . Will the ecb listen . Yes. Aic the ecb, the fed, the global Central Banks are in listening mode. I think it is interesting. Whenever you have a new initiative coming out from a central bank, you go back and look for a problem. This is an example of where there is a problem. There has been a problem in terms of getting access to liquidity. We know there is the commercial program that helps. The commercial program in the u. S. Is still not up and running, but when it is, it really helps to lubricate the front end and take pressure off the banks. Whats happening is a lot of these corporates that need cash are drawing from banks, and it puts a bit of extra pressure on the banks. This ifr dimension to there is quite sizable demand anyway for high quality shortterm paper. The way to square a surplus from the practice thats for the crisis programs is for the ecb to come in and issue corporate issuance. That would square that circle and make an awful lot of sense. Vonnie we definitely covered a lot of ground today. Our thanks to Padhraic Garvey, ing head of global debt and rates strategy, for joining us. This is bloomberg. London, im guy johnson, with vonnie quinn in new york. This is the european close on bloomberg markets. Lets get an update on what is happening in the world right now. Here with the bloomberg first word narrows first word news, ritika gupta. Ritika President Trump said he expects saudi arabia and russia to cut Oil Production by 10 Million Barrels. He did not specify if that was going to be the amount cut each day. Russia and saudi arabia have been in a price war that sent crude prices down more than 60 in the first quarter. China is rejecting the u. S. Intelligence community claimed that it hid coronavirus numbers. Bloomberg reported that spy agencies concluded that beijing underreported both total cases and deaths from the disease. Chinas Foreign Ministry says some u. S. Officials just want to shift the blame. Spain reported its worst day yet in the coronavirus pandemic. There were 950 fatalities in the last 24 hours. That pushed the death toll past 10,000. Spain now has more than 110,000 confirmed cases, the secondmost severe outbreak in europe after italy. British Prime MinisterBoris Johnson is facing criticism from all sides over his governments broken promises to have wider testing for the coronavirus. U. K. Vowed we could go to the u. K. Vowed weeks ago to rapidly increase tests by april, but progress has been slow. Johnson tested positive for the virus week ago. He has been working at home. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Vonnie thank you. Lets take a deeper dive into Global Markets now. A lot happening in the last few minutes. Lets get to abigail doolittle. Abigail relative to stocks, a risk on town. Up after opening flat, then down a little bit. All of that after that record jobless claims report this morning, at a record of 6. 6 million. Europe climbing higher at this point. The nikkei in the Asian Session was lower, so there is a mixed picture globally, but the big story just recently is oil. Oil popping higher on two separate legs, up 35 at the highs, now up about 25 . Of course, the recent news is President Trump saying that russia and saudi are to cut oil by 10 Million Barrels or more. The earlier leg higher, china to start to buy for their species reserves for their strategic reserves. This is hoping stocks at this point after a bit of a flipflopping open. Relative to sectors in the u. S. , energy is not surprisingly the best sector. Tech and Communication Services importantly higher now. A nice risk on tone. If we take a look at credit, a , thee of the etfs Investment Grade etf, which has really been up quite nicely recently, up off the lows. The highyield etf also struggling higher. After yesterdays risk off tone, we have a fairly strong risk on tone as investors really try to determine what is going on. Right now, a bit more of a bullish outlook. Vonnie thank you for that deep dive into the markets. Coming up at the top of the hour on balance of power, david westin will be speaking with Vice President mike pence. This is bloomberg. Imie live from new york, vonnie quinn, along with guy johnson in london. This is the european close on bloomberg markets. Time for your latest Bloomberg Business flash. Boeing will offer voluntary buyouts to its entire staff of 161,000. It is a bid to adapt to the Coronavirus Crisis that could depress the Aircraft Market for years. In a note to employees, boeing Ceo David Calhoun says it is important the Company Start adjusting to its new reality. Southwest will become the second u. S. Airline to apply for federal aid. In a filing today, southwest says it is looking for possible grants that could boost liquidity and provide job security for employees. American airlines has already said it is asking for up to 12 billion in aid. Jp morgan Ceo Jamie Dimon is back at work one month after heart surgery. Dimonemo to staff today, says he is feeling stronger every day, and like so many of them, he is working remotely. He underwent emergency heart surgery march 5. That is your latest Bloomberg Business flash. Guy. Guy that is at least some good news we are getting. A quick look at european markets. We are certainly seeing reaction to the move higher in crude prices. Branch trading higher on the news, fading a bit brent trading higher on the news, fading a bit, but nevertheless higher. At the under ended at the other end of the spectrum, travel and leisure down. They use a lot of crude, but they are not running the airplanes right now. The clothes is next. This is bloomberg. This is bloomberg. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. 30 seconds to go until the end of regular trading here in europe, thats the big story, seeing the price of crude, that is having a Significant Impact in the latter stages of the third day here in europe. We are fading that move is right now, but nevertheless, it is having an effect, the stoxx 600 is a by 6 10 of 1 , a little bit higher. That said, were seeing some big differences in terms of the sectors and how they are performing and individual markets as well. Like big names arriving. Nevertheless, we are seeing a flipside to this which is the low sector, down 4. 5 , suffering as a result of the potential prices. In theory if youre not buying fuel, jet fuel prices do historically remain very low. Lets take a look at how the story breaks down from some individual names which i think are probably worth looking at. I think i can turn to the share price, but the big names in oil rising sharply today. Up by 8. 84 . Bottom end of the market, carnival is down under pressure once again, another reason why the travel sector is under pressure. The pressure 3. 7 , mounting. And the question once again being floated around the london hsbcsabout where domicile end up being. Clearly, the aviation sector under great pressure. New aircraft engines, but also in terms of spare part business which is a hugely lucrative business which is under pressure as well as all these aircrafts continue to remain grounded. A story today that was dominating over the last few minutes, Royal Dutch Shell bouncing very strongly. In the United States, we saw a bit of a rally after the president tweeted that there was provisionween nbs and and putin, however, we are not sure exactly what did happen except to say that saudi arabia said they are looking for an urgent opec plus meeting. Up 1. 4 , the nasdaq up 1. 1 . Above 100 index still for theittle strength yen. The crude oil story, as you can see, pretty obvious with that 20 increase. Lets look inside the s p 500. Index, only of a percent now. It rallied as much as 40 after the president tweeted. Well may have two sectors in auto inright now, particular because we got all of the sales data and they were pretty for. The number wasnt as bad as anticipated, but nonetheless, they are both down. Economiesrs said the of kong kong could recover. We spoke to him about what the western world could learn from asian successes in controlling the virus. Given the uncertainty around this crisis, the uncertainty in terms of financing requirements and around the losses that the banks will take, its appropriate to the extraordinarily prudent. Very Strong Capital ratios today, very strong critic position today, and a very clean notebook today. Think thators prudence should rule the day, and i understand that perfectly. When can we get back to Something Like a more normal capital strategy . There going to have to see role of banks in helping the world recover from this tremendous shock. We can all speculate how long its going to be. See the ability to return to normal by the end of this year, but the economic challenge will carry on for years. I dont think that means that we wait for years before we can manage our capitals, i think we need to let the dust settle a little bit, understand what the demands are, and understand what the cost of this crisis has been. What i hoped we would get some clarity toward the end of the year or early next year but given the way this pandemic is rolling out, i would hesitate to offer too much by way of forecasts. Is there something that western governments could actually learn from the response in certain Asian Countries . I dont know how you think our western governments are doing and what they could do better. I think there will be books written and a trillion hours spent analyzing what we could all have done differently, what we as businesses could have done differently, the things we should have been able to see and obviously the thing the government could have done differently. I find it interesting to listen to the debate now that we in the west or in the u. K. Or the u. S. Couldnt have done what the chinese did because we dont have the kind of society. But we are doing with the chinese did, we are just doing it too late. We are depriving people of what would have been considered basic Civil Liberties only weeks ago. Bill winters talking exclusively to bloomberg. Francine, talking about how european and u. S. Government response has actually delivered. A lot of people watching to figure out what is happening in italy right now, the benchmark in terms of the model for how it weston democracy can cope with the corona virus outbreak. Lets get a little bit more detail on what we are now learning. Waiting to find stabilization in italy. Are we finally getting their . Getting there . I wouldnt say definitively we are getting there, besides a certain more encouraging week than two weeks ago when we were nearing the level of capacity for hospitals and cases seem to be rising in an alarming fashion every day. We have gotten to a point where the cases are either falling or stable daytoday. Certainly, the recent figures that weve seen have been more encouraging. There was some suggestion that we may not know the , even italy, never mind china and asia, but even in italy, impossible for the government of the europe who exactly has passed away from the coronavirus. Im curious, where there any updates or people looking for that information . I think these authorities are too hardpressed with the business at hand to get to that now. It may not be until the crisis is over that we really know what the real numbers are, and the fact is that there are a number of people who are dying in their homes, whether theyre dying from coronavirus or from cup locations where coronavirus contributed to some degree, we dont really know. The short answer to the question the numbers are very possibly understated but its hard to know how comparable they are. Again, the trend is stabilizing and hopefully that trend will continue to stay on what they are calling the plateau here. The president of the European Commission was basically saying that the e. U. Stands behind italy and their apologizing to italy for the response that has been delivered thus far. How was that received in italy and what does it tell us about the concern elsewhere in europe that the letter was written . It really was quite an letter. It was free well received, i dont think that there is any anything that europe left italy out to drive. However, there is a clear sense and a clear desire among the Political Class in the government and in the opposition as well, italy does not want to be stigmatized i any agencies, it doesnt want to be seen to be a double victim of this virus, of the devastation but also a victim of what could happen in markets, it did seem to be weak and having to turn to brussels for a bailout. Responses i think the to the letter is positive, do they really want to make the point that italy doesnt want to get a bailout . It wants some sort of collective response which we havent seen yet. What is likely to be the extent of the Economic Impact . We have seen today that unicredit has reached an agreement with the unions for 5200, that is just one fraction of what we are seeing. Its devastating. And it is tooound soon to assess the damage because we dont know how long the economy will effectively be closed. Italy,r, in the north of parts of this region have been on lock down since february. Most of the country has been on lock down since early march. We are going to remain in lockdown at least until after easter, at least a partial basis after that. The effect on the economy is going to be devastating, it will be hard to recover from that, and i think thats what the politicians are getting at, what for helpturning to, after we get out of this. I want to thank you very much your time this afternoon. Lets check in now on the bloomberg first word news. Week was a recordbreaking for unemployment, more than 6. 6 million americans filed jobless claims last week. That was more than the most higher estimate. The the past two weeks, number of unemployment applications reached about 10 million. Senate Majority Leader Mitch Mcconnell will consider a fourth stimulus bill. He tells the Washington Post he would ignore the efforts by nancy pelosi to get talks going. He says hes concerned about how congress would pay for another wave of federal spending. The nations top Infectious Disease official says he feels reports he has received online threats and has had uncomfortable encounters. The Trump Administration has assigned him a security detail. He tells nbc there are things about his job that he sometimes winds disturbing, but that he is just focusing on his work. The u. S. Says it paid for those medical supplies sent by russia yesterday, but russia says the United States only pay for half of it. A military aircraft loaded with medical equipment took off from moscow wednesday. Russia is selling medical supplies to the u. S. The number of coronavirus cases in russia continues to grow. Global news 24 hours per day on air and on quick take by bloomberg. This is bloomberg. Thank you very much, indeed. Any moment, more on the oil market. Thats next, this is bloomberg. Guy this is the european close. Were joined now on the phone. Your reaction to the news . Markets way ahead of this already up on headlines , whatever weuying spoken with, its very clear that it will cut only if everybody else cuts and there are already headlines saying that the canada, u. S. , everybody has to join. Thats why theyre saying we are willing to host this meeting, but there hasnt been a fundamental shift and russia so far has said that there is not going to be and it any benefit of cutting when demand is down. We actually dont see any shift. Ok, 20 Million Barrels per day. What is it going to take to balance the Energy Market . The president has been a little bit opaque on what he is anticipating, but in terms of getting this market back into balance, given the lack of demand that is worldwide right now, what would it take and who d. C. Doing the bulk of the heavy lifting . The only way this market is going to correct is true prices. We are going to get shuttered ,nce we run out of storage producers will not have a choice, they will have to shut off production and prices will stay low, which they already are. We will have producers stuck in production for months. This is not going to be done through a political means by different countries, but it is going to be done by the market. So it is pretty predictable that when the president tweeted about out that we see a rally and when it appeared that there actually is nothing at all decided yet, that the rally would save a little bit. Fade a little bit. Is it likely that saudi and russia will come to some agreement because the president is telling them to, when they didnt just a few weeks ago . My point,exactly there is a lot of hope and even if you look at the states where there is a lot of hope and expectation rather than anything concrete, we have been here before in other markets as well with tweets from trump. Right now, is saudi arabia and russia were getting rid of highcost producers, we can do nothing to stop or to offset the loss of demand. There is no way they can cut 20 Million Barrels per day, thats why this has to be done by the market. So is this just a waste of time including the salaries and the russians saudis and the russians . That is one way of putting it, it doesnt mean that there wont be a deal down the line, weve all said that, whether it is june or december, potentially. But this is not a time to see that, it is too soon. None of us even know how low the numbers can go, let alone what a recovery is going to look like an russia has been very consistent in saying we are not going to cut into a falling market. Question, wequick had opec plus, is this a prelude to opec plus plus . The president has put scorn on the saudis and others for their inability to cut production and to be able to help out the oil markets. Are we now in a situation where the dust settles and we could see the crude market being managed by russia, opec, and the United States banding together . Thats what russia once, for sure, and im sure saudi arabia, the same. But how you think the u. S. To join something that the u. S. Would call a cartel . There are thousands and thousands of producers in the u. S. , you can never get all these producers to act. What about producers in north dakota . The entire notion just doesnt make sense. While it sounds great on paper, i just dont see how that could happen. We appreciate your time this afternoon. Vonnie new yorks governor is speaking right now, he says that there are 2000 rid of 73 coronavirus debts in new york so far, up from 1941 deaths yesterday. Headlines. Virus those are simply extraordinary numbers, global cases are approaching a milestone, nearly one million confirmed cases. All of this data is estimate because the data is uncertain because of underreporting and lack of testing but thats what we are working with. Lets turn to spain, that country reporting 950 more deaths from the virus, bringing the total deaths to more than 10,000. Its the hardest hit european country after italy and in italy, we saw breaking news within the hour of how that italian factories have taken a hit because of the coronavirus lockdown. Covid19 cases in germany are expected to peak around easter, the outbreak shutting down factories including those of the important automakers. The economy minister expecting it could contract more than 5 and that dwarfs prediction of more than 1 growth, it may even be a deeper recession during than then during the financial crisis. 6. 6 5 Million People filing jobless claims. That is a record, and it is about double last weeks figures, a total amount of about 10 Million People in two weeks. Economists are just stunned, not just by the numbers, but this being of those numbers and those claims being filed. The u. S. Expected to have twice as many confirmed corona cases as any other country. This includes china, or the outbreak started. China responding to a bloomberg scoop on u. S. Intelligence, and classified documents the white house accusing china of underreporting total convert cases and deaths. The Foreign Ministry says some officials just want to ship the plan. Again, a reminder, you contract the cases and deaths across the globe. This is bloomberg. From london, im guy johnson over in new york. This is the european close on bloomberg markets. Out of stock of the hour is crude, offering to carnival. They raised 6. 2 billion in new capital during a threeyear offering of stocks, bonds, and conversion notes. The sales comes of the u. S. Government bailout becomes problematic on the Cruise Company offshore. Carnival is trading at just eight dollars per share and it downsized stocks for a second time. Just 500 million down from an billion. 1. 25 the stock shortfall is made up by carnival paying a steep price for a big new dose of debt financing. Debt of 4 billion with a coupon of 11. 5 . That is incredibly high, demand was so friendly around 70 billion that carnival was able to cut it and that is your stock of the hour. Coming up, balance of power with david westin. We will be speaking with mike pence, the Vice President of the United States. This is bloomberg. From new york to our tv and radio audiences worldwide, welcome to balance of power. Im david westin, we are going to talk a few short minutes from now with michael pence. In the meantime, we go to taylor riggs. Just want to give you an update of where we are, seeing crude originally up higher after u. S. President trump said that he does expect saudi arabia and russia to cut production by about 10 Million Barrels or more after he spoke to the crown prince, not clear if he meant 10 Million Barrels per day, if so that would be taking about 10 of world demand out of the market, that is demand prior to the coronavirus. Saudi arabia of course calling for an urgent opec meeting to reach a fair deal that would restore balance in the oil markets, according to staterun Saudi Press Agency reports. David the markets otherwise may have had a hard