Oil

Analysts warn the proposed 10 million barrel per day cut for May and June will not be enough to offset plummeting demand for oil globally.

The group called OPEC+ won’t cut output without Mexico’s participation

President Trump plays intermediary as oil deal fails to come together.

Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters.

WTI crude had plunged 60 percent from its Jan. 6 peak through Wednesday as the price war between Russia and Saudi Arabia exacerbated a supply glut while the COVID-19 pandemic crushed demand.

The US energy industry has already reacted to the severe price collapse even without a fancy meeting.

OPEC's emergency meeting will take coronavirus and a price war into account as ministers weigh action.

Many U.S. energy companies are fighting to stay afloat after an imbalance between oil supply and demand slashed 44 percent from the S&P 500 energy sector’s market value.

Russia and Saudi Arabia are set to hold a virtual meeting to discuss production cuts that President Trump has suggested could total 10 million barrels per day.

Iran demanded on Wednesday that U.S. oil production levels must be known before an upcoming OPEC meeting with Russia.

A bipartisan group of U.S. lawmakers introduced a bill on Tuesday providing $3 billion to buy oil for the national emergency reserve as a way to help energy companies hit by the plunge in crude prices.