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Yahoo BusinessApr 04, 2020
Trump Says He'd Use Tariffs If Needed to Protect Oil Industry
(Bloomberg) -- President Donald Trump ramped up his threats to impose oil import tariffs as renewed diplomatic tension between Saudi Arabia and Russia threatens efforts to reach a new deal to cut output.Trump said Saturday at a White House press briefing he'd use tariffs if needed to protect the domestic oil industry, a day after meeting with U.S. industry leaders. A gathering of OPEC and other major producers scheduled for Monday was delayed until later in the week as Saudi Arabia and Russia traded barbs about who's to blame for the collapse in crude prices.Optimism over prospects for a deal sent benchmark oil futures to a record gain this week, despite an unprecedented global demand loss from the Covid-19 outbreak. A failure to come to an agreement would likely cause prices to crater again. The U.S. oil industry is split on the idea of tariffs, with some independent shale producers -- who've been hardest hit by the recent market slump -- in support, while refiners and large integrated companies are typically opposed.The American Petroleum Institute, which helped arrange Friday's meeting, argues tariffs would inject uncertainty into an already rattled global marketplace."If I have to do tariffs on oil coming from outside, or if I have to do something to protect thousands and tens of thousands of energy workers, and our great companies that produce all these jobs, I'll do whatever I have to do," Trump said Saturday. Low oil prices are "going to hurt a lot of jobs," he said.Measures to stem the coronavirus ou

Yahoo BusinessApr 04, 2020
Russia Can Reduce Its Oil Output by 10% if the U.S. Joins Cuts
(Bloomberg) -- Russia would target a 1 million barrel-a-day cut in any new deal with other key oil producers, on condition the U.S. joins cuts, according to four people familiar with the sentiment in the industry.The country's President Vladimir Putin, who said that a reduction in global oil production of about 10 million barrels a days is possible and the nation is ready to participate in this "on a partnership" basis, won't agree for Russia to take more than one-tenth of the global cuts, according to one of the people, who spoke on condition of anonymity because the matter isn't yet public.The idea to decrease global production by 10 million barrels a day, in response to the shrinking demand amid the coronavirus outbreak, was initially announced by the U.S. President Donald Trump earlier this week and then echoed by Putin at the meeting with Russian biggest oil producers and government officials.The ministry's press service did not respond to a request for a comment.Russia's cuts of roughly 1 million barrels per day would represent some 10% of the nation's daily average output that reached 11.294 million barrels in March. The wider coalition of oil producers may demand more, in which case Russia may consider a cut of 1.5 million barrels per day, though the Kremlin may not like such a scenario, the other person said.The OPEC meeting to try to end the oil price war is unlikely to go ahead on Monday as previously expected, as Riyadh and Moscow engaged on a war of words about who's to blame for the collapse

Yahoo BusinessApr 04, 2020
N.Y. Has Most Deaths in a Day; Italy's Toll Falls: Virus Update
(Bloomberg) -- New York State reported the most deaths in a single day while Italy, the nation with the most fatalities in the world, had the fewest since March 26. Spain plans to extend its lockdown.U.S. deaths rose to more than 7,500 and the global tally exceeds 62,000. At least a half-dozen cruise ships remain at sea with passengers and crew as companies navigate long trips and struggle to find ports willing to let them dock. The big question remains: When, and how, will this end?Key Developments:Global cases top 1.1 million; deaths exceed 62,000: Johns HopkinsBread lines are forming in Mar-a-Lago's shadowThe virus is destroying ed jobs around the worldLandlords in peril as retailers withhold rentCruise ships, linked to the early spread, are still sailingThe maker of Purell gets tariff exclusionsNew York's Deadliest Day (2 p.m. NY)New York, the worst-hit U.S. state, recorded the biggest daily death toll yet, adding 630 fatalities for a total of 3,565, Governor Andrew Cuomo said. One thousand ventilators are due to arrive from China on Saturday. "This is a big deal and it's going to make a significant difference for us," Cuomo said. Oregon donated another 140. "We're not at the apex," Cuomo told reporters. New York City's total rose to 63,306 cases and 2,624 deaths.Read the full story here.Trudeau Plans Trump Call Amid Spat (1 p.m. NY)Canadian Prime Minister Justin Trudeau said he will speak to Donald Trump soon as the U.S. president escalates a battle with allies and 3M Co. over exports of med

Reuters Company NewsApr 04, 2020
Norway says could cut oil production unilaterally
Western Europe's largest oil and gas producer Norway said on Saturday it would consider cuts to its oil output if a wide global deal is agreed.

Yahoo BusinessApr 03, 2020
Trump's ‘Free Market' Response to a Global Deal to Save Oil
(Bloomberg) -- On Thursday, U.S. President Donald Trump sent oil prices rallying on the prospect of an unprecedented, U.S.-backed deal to cut global crude production.On Friday, he walked out of a meeting with the titans of America's oil industry without any public declaration of a plan to curtail domestic output, saying it's a free market and up to Saudi Arabia and Russia to solve their price war that sent crude crashing.His remarks call into question Trump's ability to broker a truce between the world's two biggest crude exporters at a time when the coronavirus pandemic is destroying demand and threating the shale industry's survival. The president said that tariffs on oil imports could be imposed, though he's not planning to do that at the moment.While both Saudi Arabia and Russia have expressed openness to coordinated production cuts -- and Trump said a deal between the two nations will come soon -- it's unclear that can be achieved without the U.S. and other nations also taking part. Asked whether America would join in, Trump was evasive."It's a free market. We'll figure it out," he told reporters in Washington after the gathering with the heads of Exxon Mobil Corp., Chevron Corp. and other major producers. "Ultimately the marketplace will take care of it."Left to its own devices, though, the market is poised to collapse further as the Covid-19 crisis could slash global crude demand by almost a third. Hundreds of thousands of industry jobs are hanging in the balance, with about $15 billion of investments

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