If it wasn't for the coronavirus, the news cycle would most likely be exclusively focused on oil market, where demand has dropped by as much as 30M barrels per day (roughly equivalent to the combined output of the Saudis, Russia and the U.S.).
The latest? WTI crude prices soared nearly 25% on Thursday for its largest single-day percentage gain in history after President Trump said he expects Russia and Saudi Arabia to announce a major production cut deal.
"Recent negotiations will prove irrelevant as prices are low because of depressed demand," chimed in Petrobras (NYSE:PBR) CEO Roberto Castello Branco, as priced fell back 1.5% overnight to under $25/bbl.
Storage is also a problem and the U.S. is prohibited by antitrust law to join output cuts (those discussions are taking place on the state level in Texas).
Trump meanwhile meets with U.S. oil industry executives at the White House today and there's some speculation he could ask the industry to chip in with their own cuts (on the corporate level).
The agenda is additionally expected to include discussions on government support, tariffs on foreign oil, as well as other waivers to ease the pain.
Update: A virtual OPEC+ meeting will be held on Monday and will be open to producers even outside the group.
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