No evidence to support his claims. South africa eases some coronavirus restrictions as a tries to revive the faltering economy. So an agreement among the worlds Top Oil Producers to cut output comes into effect today friday following the collapse in global prices it was spurred by a slump in demand because of the pandemic but it seems the deal may have only happened because President Donald Trump reportedly pressured saudi arabia implying the u. S. May withdraw its military support from riyadh if it didnt go from a summer binge of a. Oil and water do not mix but politics in oil bond very well there is no official transcript of the conversation between the u. S. President and the Saudi Crown Prince which resulted in saudi arabias latest Oil Production cut reports suggest president all trump told muhammad bin sole man that u. S. Forces stationed in the kingdom could be withdrawn if saudi arabia did not stop flooding the market with cheap crude within days riyadh announced production cuts
President trump rams up his criticism of chinas handling of the pandemic but offers no evidence to support his claims. Jerusalems alonso mosque compound the 3rd holiest site closed during ramadan because of strict restrictions. And in sports the English Premier League is stepping up plans for a return to action the league is meeting to discuss what needs to be done for games take a coffee in june. Its 10 g. M. T. Friday a day when an agreement among the worlds Top Oil Producers to cut output comes into effect it follows a collapse in global prices spurred by a slump in demand because of the pandemic but the deal to cut out. Came with a lot of infighting between major Oil Producers or they met in vienna in early march to work out how to keep prices stable but failed to reach an agreement recommended taking 1500000. 00 Barrels Per Day off the market if russia agreed to cut production too but russia refused and opecs top producer saudi arabia retaliated by announcing a production increase
To try to get there first and that sort of thing so im hopeful we will very much try to learn as much as possible from that facility and from all the other ones too we have a lot to learn here. So well certainly be trying to do that. In terms of fiscal concern, so, you know, for many years ive been before the fed i have longtime been an advocate for the need for the United States to return a sustainable path from a fiscal perspective at the federal level. We have not been on such a path for some time, which just means that the debt is growing faster than the economy this is not the time to act on those concerns this is the time to use the great fiscal power of the United States to do what we can to support the economy and try to get through this with as little damage to the longerrun productive capacity the economy has possible the time will come, again, and reasonably soon, i think, where we can think about a longterm way to get our fiscal house in order, and we absolutely need to do
Tries to revive its faltering economy. And Jerusalems Al Aqsa mosque compound islams holiest sites closed during ramadan because of coronavirus restrictions. So an agreement among the worlds Top Oil Producers to cut output comes into effect today friday following the collapse in global prices it was spurred by a slump in demand because of the deal to cart output came with a lot of infighting between the worlds big Oil Producers go back to early march when they met in vienna and work out how to keep prices stable but failed to reach an agreement opecs recommendation was to take 1500000 barrels a day off the market if russia agrees to cut production as well russia said no. And so top producer saudi arabia retaliated by announcing a production increase instead sparked a price war lasted nearly a month prices dropped below 20. 00 a barrel also in riyadh did resolve their differences eventually agreed to gradually cut production by 10000000. 00 Barrels Per Day but as american producers whic
Putting pressure on oil markets as well. And marie hoarder me for more. Walk us Annmarie Hordern joins me for more. Walk us through the veracity of the selloff, and does it last . Annmarie the next 24 hours is going to be quite bumpy for this may contract. Basically, it is Financial Derivatives meeting the physical oil market and what we are seeing on the storage side. If you are not out of this position financially and you are a futures trader, you have to accept the physical oil. The problem is, theres really nowhere else to put it. Look at cushing. That storage is quickly filling up, and that is the main hub in the United States, where you have pipelines to canada, the midlands, or the gulf. The may contract now trading at , which3, plus contango means if you look at the june contract, trading at about 23 a barrel, it is about a nine dollar differential, the most on record. If you look down the table of what you see for june, july, august, the prices are certainly higher on the futu