The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes. Larger, more heavily indebted companies can now qualify and use the money to pay off prior loans under the changes the central bank announced.
Singapore’s prime minister warned on Saturday that the negative economic effects of the coronavirus outbreak will likely be deeper and more prolonged than the 2008 financial crisis. “The economic hit will likely be more serious than the global financial crisis, and longer-lasting too, even beyond the end of the pandemic,” Lee Hsien Loong said in.
How much worse could it get for oil? Crude prices took their cue from a nosediving stock market to lose up to 16% this week for the biggest weekly tumble since the Great Recession that began in 2008. That’s a known. But pundits looking at the carnage across markets from the coronavirus epidemic are warning.
DUBAI (Reuters) – Saudi Arabia’s economy grew by a weaker-than-expected 0.3% in 2019 as the oil sector contracted sharply, official data showed on Sunday, although the non-oil sector accelerated. Saudi Arabia, the world’s biggest oil exporter, wants to boost the private sector and diversify its economy away from oil, but sliding oil prices and crude.
Iran’s PVC export price in the last two weeks has been announced at $ 2- $ 3 per tonne by the Persian Gulf Holding, but no record of trading at these rates has been reported, The high price seems to be unattractive to buyers. Meanwhile, Thunder export and the $ 6,000 Ghadir petrochemicals have been.
