OPEC ready for deeper production cuts
Nowadays, due to the current situation in the oil market, major oil producers have to cut their production further. It is reported that OPEC decided to significantly reduce oil extraction. Another possible solution for the cartel is to extend the current agreement for three months. According to preliminary estimates, production restrictions can increase up to 400 thousand barrels per day. Tamir Gadban, Oil Minister of Iraq, said that this figure was discussed and settled as a result of careful assessment by the OPEC members. The cartel is ready for deeper output cuts, though to a lesser extent. Under the ongoing agreement, OPEC+ has to reduce oil production to 1.2 million barrels per day. According to OPEC, such measures make the market tighter and help maintain the current supply on the level beneficial to consumers. Some experts expect Saudi Arabia to persuade OPEC and its allies to extend the agreement until the mid-2020. This would help Saudi Aramco, the state-run petroleum company, to successfully conduct an IPO. The terms will be discussed at the next OPEC+ meeting on December 6. According to a Saudi oil advisor, the kingdom needs stable oil prices at no less than $60 per barrel.
As a result of plunging prices, national investors involved in Saudi Aramco’s IPO would face multiple financial risks. Moreover, rising tensions in the Middle East pose a threat to the oil market. However, the oil producers in the Middle East and Russia can compromise if OPEC manages to extend the agreement. Presenty, Saudi Arabia is ready to reduce its own production to the maximum due to the probable decrease in demand next year. However, it will be possible when other OPEC+ members terminate their obligations.
Pfizer vaccine reduces COVID-19 transmission by nearly 90%
According to the data collected by the Israeli Health Ministry, as well as by Pfizer and BioNTech, the vaccine is almost 90% effective in reducing coronavirus transmission. The joint study of the pharma companies and the Ministry of Health of Israel proved that the vaccine created by Pfizer and BioNTech is highly effective as it prevents further spread of the virus in 89.4% of cases.
16:17 2021-02-26 UTC+00
Biden wants to stand up to China together with EU
US president Joe Biden, unlike his predecessor Donald Trump, has no intention of losing allies. Instead, he is determined to cement these relations and show a united front against China. During the Munich Security Conference, Biden revealed his plans for the near future. In fact, some countries were not best pleased.
10:47 2021-02-26 UTC+00
COVID-19 deaths exceed human losses in three wars
According to the data provided by The New York Times, in the US, the number of deaths caused by COVID-19 reached 500 thousand. Experts have estimated that the figure exceeds human losses in three wars, including World War I, World War II, and the Vietnam War.At the same time, a report prepared by Johns Hopkins University showed that the coronavirus killed 498.8 thousand people.
10:07 2021-02-26 UTC+00
Tesla makes more money on bitcoin than on electric cars
Another courageous decision made by Tesla founder Elon Musk resulted in hefty returns for the company. While investors criticized Musk's initiative to buy bitcoins and demanded to limit the amount that can be invested in cryptocurrencies, Tesla’s revenue from bitcoins turned out to be higher than that from selling cars.Earlier, Elon Musk announced that Tesla had purchased $1.
09:03 2021-02-26 UTC+00
Trump has no plans to return to Twitter
On Wednesday, February 24, former US President Donald Trump claimed that he had no plans to return to Twitter. He stated that the popular social network had been unfair to him. "I’ll tell you it’s not the same. If you look at what’s going on with Twitter, I understand it’s become very boring and millions of people are leaving," Trump said.
08:47 2021-02-26 UTC+00
Bitcoin down after Elon Musk tweets its price seems excessive
Tesla and SpaceX founder Elon Musk has easily gained the title of a trendsetter in the crypto market. For more than a month, virtual currencies have been reacting only to Musk’s tweets. First, the billionaire gave a huge boost to the crypto market by his messages on Twitter. Against this backdrop, bitcoin rushed to new highs supported by the genius inventor.
08:27 2021-02-26 UTC+00