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Stock impact report

OPEC+ Bid to Save Oil Industry Overwhelmed by Demand Collapse [Yahoo! Finance News]

ENI S.p.A. (E) 
US:NYSE Investor Relations: eni.com/en_it/investors.page
) -- The most ambitious bid to rescue the global oil industry ever seen has been swept aside by a brutal wave of demand destruction.Less than two weeks ago, the world’s biggest oil producers -- in a deal facilitated by U.S. President Donald Trump -- agreed to slash output in the hope of defending energy markets against the ravages of the coronavirus outbreak.Yet Monday’s historic slump, in which crude prices fell below zero in the U.S., made the OPEC cartel and its partners painfully aware of the limits of their powers. Some nations in the group are desperately searching for any additional steps they might take to stem the rout, but they have few options.“The OPEC+ leadership is currently engaged in serious crisis management conversations,” said Helima Croft, head of commodity strategy at RBC Capital LLC. Yet “there is little that OPEC+ can do to arrest the demand collapse.”Early StartAlgeria, which holds the Organization of Petroleum Exporting Countries’ rotating presidency, has pro Show less Read more
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