OPEC+ alliance of oil producing states and the Group of 20 nations reached a deal to cut global crude output and put an end to a price war. The total amount that will be cut will reach as much as 9.7 million barrels a day.
The Eurogroup set up the current guidelines on fighting the economic plight of COVID-19
a. The release of €540 billion corona package.
b. A €25 billion European Investment Bank guarantee.
c. The deployment of the SURE (Support to mitigate Unemployment Risks in an Emergency) programme. This will provide €100 billion in total among member states.
d. Precautionary financial assistance by ESM (European Stability Mechanism) in the form of Enhanced Conditions Credit Lines. The key word is: conditionality (you will be given money if you do ‘this’). Due to this being a special occasion, macroeconomic conditions are not necessary to be met. The availability of funds for each state will be as much as 2% of a member-state’s GDP. However, the number “could be adjusted”.
e. Potentially an additional Recovery Fund.
f. Unclear points on what could constitute “resources” for the management of the public health crisis.
f. No Eurobonds or Coronabonds.
Prime Minister Boris Johnson contacted the coronavirus, was hospitalised but managed to recover, escaping death. The PM of the United Kingdom will not return to his obligations until he fully recovers.
The UK labour party elected a new leader, Keir Starmer, replacing Jeremy Corbyn.
At least three rockets were fired against U.S. oil service company Halliburton in the Basra province of Iraq. No harm or damage was inflicted. This is the first attack against oil infrastructure in southern Iraq since June.