With ideas that are part of our future. A card to. Play. World 3 part documentary stories may. W. Oil closes at negative prices for the 1st time in history over supply and a lack of Storage Space means that prices have song and investors are paying to get out of Oil Deliveries a little with a collapse means for the months ahead. Also on the show makers of krona virus test cant match demands one producer in south korea. And German Farmers are waiting for rain continuing drought hit their wallets in the months ahead. This is your Business Report im Stephen Beardsley in berlin its good to have you with us historic day for oil prices a barrel of west texas intermediate crude to be delivered in may closing at minus 37 dollars on monday now behind that collapse too much oil in Global Markets too little demand among consumers and a basic lack of Storage Space. The coronavirus pandemic has brought economies around the world to a halt along with the demand for oil after weeks of tumbling prices crude dropped below 0 for the 1st time produces literally cant give it away an agreement last week between leading Oil Producing nations to slash output clearly failed to address worries about a huge glut of oil. And this is quite a lot so if we consume it on. An economic. Its not coming out ahead of us there right now all were doing is believing with the lack of travelling from the down measures people arent going to work people arent going there its. Going to be flying anywhere and thats really causing a demand problem and since Storage Facilities have filled up oil is now practically worth nothing. Or ever more on this lets go to our financial correspondent in new york quarter negative oil prices yens houses possible walk us through it. Yeah its really quite incredible but was the Great Lockdown that were seeing all over the globe daily. Drop by 20000000. 00 barrels plus and even if the opec countries decided to cut production by roughly 9000000. 00 Barrels Per Day that still means that demand is dropping much affairs then supply but then you also have a little bit of a technical issue going on because the oil price that dropped so much here on monday that was the contract for maize so now this contract will expire on. Tuesday and you have a super contained go thats all they call it on the oil markets meaning that the contract for june trades for so much higher than the contract for may that people and investors were just dumping the old contracts that as i mentioned will expire now on tuesday ok surprises for futures in the months ahead are we should expect to see these negative prices still there overall pretty low u. S. Saudi arabia and russia agreeing to major production cuts just last week to try and keep them in place those prices why did that not work. Yeah the main problem is that as i mentioned that supply is still not dropping as much as demand so what we really would need to see is this Great Lockdown to end so that the economy slowly starts picking up im standing here in front of a local gas station in my neighborhood in brooklyn and you can see cea hardly anybody there so there is just no demand also if you look at heating oil for example heating oil is season is coming to an end so theres just not the demand and then as you mentioned earlier also that the tanks are basically at their. Highest capacity if people just dont know where to go to put this on oil and thats why producers now have to pay their customers basically so to get rid of the extra oil. We know that in the u. S. Is that shale production in the last decade thats really transform the Global Oil Market does this tanking of oil prices no pun intended is that an existential threat to those producers it clearly is and we might see something in the near future if nothing miraculous some have been some anytime soon and that its a problem for the u. S. Oil industry but its also a probably a problem for the overall economy roughly 9 percent of Gross Domestic Product actually comes from the oil and gas industry then also those companies are in high debt so if they might have to file for bankruptcy that could mean trouble times for some of the u. S. Banks and well just look at the data every producer for example if he has too much milk and thats whats actually happening right now and they basically just dump the milk on their field so you cant do that was oil so its a huge its a huge problem that is quite unique here to the oil industry or a quarter there for us in new york with the latest on a crazy day for oil prices thank you. All right lets take a look at some of the other business stories making news around the world. Smaller stores in germany have reopened as a 1st step in easing restrictions linked to the copan 1000 pandemic europes largest economy is allowing Car Dealerships bike shops and bookstores to reopen bars restaurants gyms and large Stores Remain closed. A German Economy will not recover quickly from the current recession however given the virus related restrictions still in place thats at least the latest assessment from the countrys central bank the boom despond is not worried however about a downward spiral in europes largest economy citing safeguards at the federal level. Really 5000. 00 pilots and cabin crew are at risk of losing their jobs at Scandinavian Airlines region air it worked for 4 of the airline staffing subsidiaries in sweden and denmark which have now filed for bankruptcy amid the coronavirus outbreak in the region called it a last resort decision after asking for government support. A coronavirus test might be the most in demand products around the world right now governments and hospitals cant purchase them fast enough and producers simply lack the means to make them fast enough our reporter checked in with one manufacturer in south korea to see whats limiting turnout. Outside Olympic Stadium in Seoul South Korea cars continue to trickle through a coronavirus testing site although the country hasnt completely locked down new arrivals must self quarantine for 2 weeks with many required to take a test so the korea largely credits early rigorous testing for reducing the spread of the virus Many Companies here produce the test kits and with rising demand around the world theyre having trouble filling their orders. One company outside of school has developed faster diagnostic Technology Dr q so use test chips and portable equipment drastically reduce critical testing turnaround time. If they have why then 37. 5 think we are down all we can. Get the some sample from those people to put into motion and then we can detect and in one hour we can provide. Dozens of south Korean Companies are shipping millions of test kits around the world as less developed states battled the virus so many orders comes in but we cannot supply all of them theyd be sewn so many into so many testing kit but the current on down is companies cannot produce all of them to a country or this despite us dr kims michael biomed sales have increased from 4000000. 00 in all of 29000 to reach that amount in just the 1st quarter of this year still Large Research development and manufacturing costs and 100 employees make the enterprise a long Term Investment dr came advocates even more extensive testing as a means of safeguarding the Public Health in the economy for the future we need shunt. The detection system especially in the poll that poll in the subway station in the o. P. s who was in the hospital in the school. For this moment i think i must. Invest despite dire warnings governments around the world were not ready for such a pandemic in the risk of another contagion in demand for preparations extends beyond this outbreak. Over to germany now with the past 2 years have been dry once farmers especially those in the east are already bracing for yet another season of less than needed rainfall. I caught her in a is a farmer in northern germany he doesnt know where to look 1st at the cloudless sky or the dry cracking soil at his feet germany hasnt seen any significant rainfall in a month hearn of farms barley wheat and rapeseed on 140 hectares of land through the thick cracks in the soil are getting more worried. If it stays like it is now than in maine in june youll be able to stick your hand into the crack up to the elbow and well have considerable reduction in our yields it will be like 28 teams well have a 40 to 50 percent loss the trees are already suffering from a lack of water whats more harmful bark beetles continue to spread in forests and parks the situation has become critical in many places in the park we can already see that the drought is making itself felt growth is slowing down the growth in the trees and in the meadows 2 to masand from the a r d whether Editorial Office is monitoring the situation he explains its already become dramatic especially in the region in red. In the east the drought of the last 2 years hasnt recovered at all over the winter it wasnt good at all it was actually completely red before the winter and its gotten a big better since then so theres more water now but the situation is getting worse again farmer who is now hoping for a rainy may since so far april didnt bring its promised showers. And thats it for me and the Business Team here in berlin as always you can find us online you doubly dot com slash business lets watch. For a good. Instead of fireworks. In madagascar our students are learning how to make pallets and we can plant remains. In the bowl. Less deforestation and more new tree for the island nation. On d. W. What secrets lie behind. Discover new adventures in the 360 s. And explore fascinating World Heritage sites cooey w World Heritage 360. 00 get the map now. The global corona crisis you can find more Information Online at da da. Well you dont come out on the telly you social media channels. Like. All of. My gorgeous was sued for the russians so. Steep. And so many different walks of life. Some are. Awfully strong but all of them come straight from the heart just for c. N. N. Even when theres no more delusional mush to enjoy. From the 1st. To their final resting place the russians t. W. Documentary. Hello and welcome to equal off we go where we highlight green topics and ideas from africa and you wrote. Me and im in Lagos Nigeria and with me is my cohost and youve got i love this andrea hi there im sundered to nobody here in kampala uganda and in this weeks show we go to germany to meet a monk whos
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