The U.S. Department of Energy is suspending its plans to buy crude for the nation’s Strategic Petroleum Reserve after the requested $3 billion in funding for the project was left out of the $2 trillion stimulus package. “Given the current uncertainty related to adequate Congressional Appropriations for crude oil purchases associated with the March 19, 2020 solicitation, the Department is withdrawing the solicitation,” an amendment filed Wednesday said. “Should funding become secure for the planned purchases, the Department will reissue the solicitation,” it added. The original request for proposal, filed ...

China’s decision to speed up “new infrastructure” projects, such as 5G networks and charging stations, are unlikely to reverse the downtrend in nonferrous metals prices in the near-term, market sources said. The measures will ultimately help boost demand for nonferrous metals but the upside is unlikely to be felt until the coronavirus outbreak outside of China is controlled or smelters, both in China and overseas, significantly cut production, sources said. China’s local governments earlier this month outlined plans for new infrastructure projects to offset the economic impact of the outbreak ...

Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF), believes a new OPEC+ deal to balance oil markets might be possible if other nations joined it and that countries should cooperate to mitigate the economic fallout from coronavirus. “Joint actions by countries are needed to restore the(global) economy… They (joint actions) are also possible in OPEC+ (group of the Organization of Petroleum Exporting Countries and non-OPEC members) deal’s framework,” Dmitriev told Reuters in a phone interview. Russia is a leading non-OPEC member and Saudi Arabia is a key ...

The International Grains Council (IGC) forecast record world grains production in the 2020/21 season while warning projections were tentative until the progress and duration of the coronavirus pandemic becomes clearer. The inter-governmental body, in its first full assessment of the 2020/21 season, projected world grains production would rise to a record 2.22 billion tonnes, up 2% from the prior season. Transport restrictions related to the pandemic could hamper the distribution of farm supplies such as seeds and fertilisers and disrupt spring fieldwork, the IGC said in a monthly update. However, ...

Just one of the world’s biggest multi-strategy funds available to retail investors is in the black for the year after coronavirus panic saw markets fall across the board, data from Morningstar showed. Multi-strategy funds vary in remit, but generally have a much wider range of assets to choose from when investing, something that in theory is meant to allow them to weather a downturn. Markets have been roiled in recent weeks as fears grew that efforts to contain the coronavirus, including telling people to stay at home, could precipitate a ...

Oil refiners from Texas to Thailand are bracing for deeper output cuts, bruised by an unprecedented demand shock as more countries lock down and restrict travel to contain the spread of the coronavirus. Global fuel demand is set to drop by as much as 15% to 20% in the second quarter as a result of the coronavirus pandemic, which has killed more than 22,000 people, shut most worldwide air travel and has numerous countries imposing lockdowns keeping people at home and out of their cars. The sudden stoppage in activity, ...

Saudi oil giant Saudi Aramco is moving a substantial amount of its crude to storage caverns in Rotterdam in the Netherlands and Sidi Kerir in Egypt, in line with pledges by the world’s largest exporter to supply more barrels to the market in April, shipping and trading sources said. With refinery demand severely weakened by the coronavirus pandemic, sources said Aramco was making use of its storage hubs near the world’s key refineries. This week five tankers carrying a total of 7 million barrels of crude have been placed on ...

A Saudi Arabian energy ministry official said on Friday there had been no contact between the Saudi and Russian energy ministers over any increase in the number of OPEC+ countries, nor any discussion of a joint agreement to balance oil markets. The comments come after a senior Russian official said Moscow was in contact with Riyadh and a number of other countries to see if the number of OPEC+ members might increase, raising the possibility of a joint agreement to balance oil markets. Source: Reuters (Reporting by Rania El Gamal; ...

Here is a list of countries that have applied trade restrictions on food or agricultural products due to the spread of the coronavirus around the world. RUSSIA Suspended exports of processed grains such as ready-to-eat buckwheat, rice or oat flakes from March 20 for 10 days following a rise in domestic demand as Russians, worried by the coronavirus epidemic, stockpiled staples. KAZAKHSTAN Suspended exports of wheat flour, buckwheat, sugar, sunflower oil and some vegetables until at least April 15 to ensure a steady supply, the government said. VIETNAM Temporarily suspended ...

Chinese leaders said Friday that the government would roll out a slew of measures including raising its fiscal deficit in 2020 to counter shocks from the coronavirus pandemic. The ruling Communist Party’s politburo said in a meeting chaired by Chinese President Xi Jinping that it would strive to minimize damages brought by the pandemic and step up efforts to unveil countermeasures. The government will increase issuance of treasuries and local government special-purpose bonds, which typically are used to fund infrastructure projects such as ports, railways and roads. The top policymaking ...

Treasury Secretary Steven Mnuchin said Friday he expects the economy to rebound strongly after the widespread shutdowns to contain the novel coronavirus are lifted, adding that the government is working at “lightning speed” to provide support. Asked if he agreed with some investors’ view that U.S. economic output could expand by 5% in the fourth quarter, Mr. Mnuchin said, “Absolutely.” Federal Reserve Chairman Jerome Powell said this week that the economy may already be in a recession. The House of Representatives was rushing Friday to form a quorum to pass ...

Governments and central banks around the world have unleashed unprecedented fiscal and monetary stimulus and other support over the past month for national economies reeling from the coronavirus pandemic. The G20 said on March 26 it would inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and “do whatever it takes to overcome the pandemic”. Following is a summary of the main policy steps so far. UNITED STATES MONETARY STIMULUS – The Federal Reserve cut interest rates by a total of 150 ...

Chinese President Xi Jinping has been on a telephone spree this month, dialing the leaders of coronavirus-battered France, Italy, Spain and Germany with offers of support, including masks and other medical equipment. One phone number he hasn’t tried is Donald Trump’s. The two leaders finally spoke by phone on Friday Beijing time, in a call Mr. Trump initiated after earlier in the week indicating plans to speak with Mr. Xi, according to China’s official Xinhua News Agency. The previous time the leaders of the world’s two largest economies had talked ...

Ocean shipping is passing through multiple stages of coronavirus fallout, and the journey appears far from over. Stage one combined a containerized-goods supply shock and bulk-commodity demand shock, both centered in China and driven by temporary closures of factories, mills, plants, land transport and terminals. Stage two, now underway, features a containerized-goods demand shock centered in developed Western nations, driven by social distancing and quarantines. China’s containerized-goods export system is generally back up and running. The question has turned to whether China will receive enough new orders. What might stage ...

Höegh LNG Holdings Ltd. has received a commitment letter from five of the company’s relationship banks for an amendment and extension and USD 45 million upsizing of the debt facility for the FSRU Independence. The amendment and extension covers the Independence debt facility’s commercial tranche of USD 61 million maturing in May 2020. In the amendment and extension facility, the commercial tranche will be upsized by USD 45 million to USD 106 million with maturity in December 2024. The Independence debt facility also consists two tranches guaranteed by export credit ...