G20 energy ministers in their joint statement will propose setting up a task force to advise ministers on the steps needed to stabilise the oil markets amid the coronavirus pandemic, India’s oil ministry said in a statement on Friday.
U.S. consumer prices fell by the most in more than five years in March and further decreases are likely as the novel coronavirus outbreak suppresses demand for some goods and services, offsetting price increases related to shortages resulting from disruptions to the supply chain.
U.S. Energy Secretary Dan Brouillette on Friday described a dire situation in global energy markets, saying that the coronavirus pandemic and massive oil surplus have created a lethal combination.
G20 energy ministers in their joint statement will propose setting up a task force to advise ministers on the steps needed to stabilise the oil markets amid the coronavirus pandemic, India’s oil ministry said in a statement on Friday. Although India’s fuel demand has slumped drastically due to a nation-wide lockdown to stem the spread of coronavirus, India will continue to be a global energy demand centre, Oil minister Dharmendra Pradhan told the meeting. …read more […]
EU finance ministers gave themselves a round of applause as they wrapped up talks on Thursday night with agreement on a package of measures worth half a trillion euros to cushion the blow of the coronavirus pandemic.
(Bloomberg) — Delta Air Lines Inc. has been downgraded by Fitch Ratings to junk.The firm lowered its rating on Delta’s debt to “BB+” from “BBB-” and warned that another downgrade is possible as air travel suffers with the spread of the coronavirus. The airline does, however, have more financial flexibility than some rivals, Fitch said in an assessment of the industry.“Though Delta remains a stronger credit than its network peers, debt raised to sustain liquidity through the pandemic will drive credit metrics outside of a range supportive of investment-grade ratings at least through 2021 and likely into 2022,” Fitch said …read more […]
The chief executives of Italy’s top two energy groups Eni and Enel are on course to secure third terms next week when Rome decides on roles at key state-controlled companies, a senior government official said.
Major airlines are seeking operating subsidies for key routes once coronavirus restrictions are lifted, a leaked lobbying document shows, stoking tensions with some low-cost carriers that are less likely to benefit from the additional funds.
Turkey has held talks with the United States about possibly securing a swap line from the Federal Reserve and has discussed other funding options to mitigate fallout from the coronavirus outbreak, Turkish officials said on Friday.
Russian Energy Minister Alexander Novak called on the G20 group of the world’s largest economies on Friday to join the efforts of the group of leading oil producers, known as the OPEC+, to stabilize energy markets.
The Kremlin said on Friday that “work” to persuade Mexico to join efforts to curb oil production was under way a day after marathon talks among producers produced a deal on cutting out conditional on Mexico’s participation.
U.S. President Donald Trump said on Friday that American airlines must be saved, as his administration prepares to give them details this weekend about the terms of a $32 billion payroll grant to offset the impact of the coronavirus outbreak.
The Saudi energy minister told a conference of the G20 group of the world’s largest economies on Friday that ensuring affordable energy supply is key to facilitating a global economic recovery.
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