Bloomberg President Donald Trump said the “Big Oil deal” sealed will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in shale that will likely bring about a wave of bankruptcies and job cuts. Days of frantic diplomatic maneuvering culminated in an agreement by Opec+ to pare production by 9.7 million barrels ...

Bloomberg China’s coal prices have sunk to levels that threaten state intervention, but this time policy makers may refrain from doing so as they continue efforts to buttress the economy hurt by the coronavirus pandemic. The government will try to keep power prices low as it pushes to restart the economy, according to analysts. That goal will be helped by ...

Bloomberg Exxon Mobil Corp said that it would slash its capital expenditures by $10 billion, to about two-thirds of what it had planned just a month ago. It’s the second-largest capex cut in the company’s modern history, according to Bloomberg News. While those capex cuts are in the future, oil production dynamics are changing in real time. Rystad Energy analysis ...

Bloomberg More than a third of new US electricity generation expected to come online over the next six months could hit roadblocks as the coronavirus pandemic curbs power consumption and disrupts supply chains. About 4.9 gigawatts, or 39%, of new utility-scale capacity will be “either cancelled or indefinitely postponed” from April through September, said Energy Information Administration economist Tyler Hodge. ...

Bloomberg Gross domestic product (GDP) in the Latin America and Caribbean region, excluding Venezuela, is expected to shrink 4.6% in 2020, according to the World Bank. The dramatic drop in demand from China and G7 countries due to the Covid-19 pandemic is affecting commodity exporters in South America and exporters of manufactured goods and services in Central America and the ...

Bloomberg The UK has paid out more than 1 billion pounds ($1.25 billion) to small businesses across the country to help them weather the coronavirus pandemic. Almost 100,000 firms have so far drawn on the cash from the government’s grants programs for small businesses, retailers and the hospitality sector, the Local Government Association said in an emailed statement on Monday. ...

Bloomberg Mexico’s employment market had its worst March in a quarter of a century as the global coronavirus pandemic took its toll on Latin America’s second largest economy. The country lost more than 130,500 jobs in the month from February after the employment market shrank 0.6%, according to a statement from the Mexican Social Security Institute (IMSS). The net job ...

Bloomberg Argentina will make an offer to its creditors “in the coming days” that will reflect the economic hit from the coronavirus pandemic, President Alberto Fernandez said in a newspaper interview. While debt talks are “going well,” calculations of debt sustainability will be affected by the impact of the virus, Fernandez was quoted as saying by Perfil. “The coronavirus affects ...

Bloomberg The G-20 is close to a deal to allow lower income countries to freeze their government debt repayments, the Financial Times reported. The deal would put a moratorium on payments for at least six to nine months, with the possibility of going through to 2021. The move would be part of a plan to help the nations grapple with ...

Bloomberg As the coronavirus pandemic leads to anxiety over the strength of the world’s food supply chains, everyone from governments to banks are turning to the skies for help. Orbital Insight, a California-based Big Data company that uses satellites, drones, balloons and cell phone geolocation data to track what’s happening on Earth, has seen inquiries about monitoring food supplies double ...