Oil prices spiked on Thursday morning after U.S. President Donald Trump said that he spoke with the Saudi Crown Prince, and hoped and expected that Saudi Arabia and Russia would “cut back approximately 10 Million Barrels, and maybe substantially more,” sending oil prices soaring by 20%.
“Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” President Trump tweeted on Thursday.
Oil prices soared immediately after the tweet, with WTI Crude soaring 25.90% at $25.51 as of 11:04 a.m. EDT and Brent Crude surging 20.57% at $29.83.
According to the Saudi’s official news agency, SPA, Saudi Arabia is calling for an urgent meeting for OPEC+ states “and another group of countries”.
Making no mention of specific numbers.
The press agency later went on to make mention of the relationship with the United States.
Earlier today, prices were already gaining more than 8% after the market began to tentatively hope that former allies Russia and Saudi Arabia could re-launch talks on propping up oil prices, which are too low for both of those economies, regardless of their claims of ‘resilience’ even at these prices. Related: $1 Oil: Saudi Arabia’s Attempt To Crush U.S. Shale
After weeks of ‘no-backing-down’ in the oil price war, the former allies Saudi Arabia and Russia have started hinting at readiness to re-launch cooperation to save oil prices from sliding further amid the massive demand loss in the coronavirus pandemic.
“Saudi Arabia has always welcomed and supported cooperation among oil producers in their efforts to stabilize the oil market during the current crisis, based on the principles of fairness and equity,” a Gulf source familiar with Saudi Arabia’s thinking told Reuters on Thursday, but said that the OPEC+ break-up was Russia’s fault.
Russia, for its part, has decided it’s economically unfeasible for its producers to boost oil production right now, so Moscow called off an earlier promise to also increase supply, albeit at a much lower rate than Saudi Arabia.
With U.S. shale producers suffering the first immediate blow from the Saudi-Russian oil price war, U.S. President Trump discussed the situation on the oil market with Russia’s President Vladimir Putin earlier this week, and said he held a separate phone call with Saudi Arabia’s Crown Prince Mohammed bin Salman.
(Bloomberg) — Robinhood Markets Inc. wanted to make history with its initial public offering, and now it might — for the wrong reason.
Shares in the broker behind the meme-stock revolution fell as much as 12% below the IPO price in the company’s first trading session. That puts the stock in the running to rank as the worst debut on record among U.S. firms that raised as much cash as Robinhood or more, according to data compiled by Bloomberg.
Shares rebounded and were last trading 1% lower at $37.52 mid-afternoon in New York.
Robinhood must finish Thursday’s session at $34.90 or higher, or else it will replace the 2007 IPO by another brokerage, MF Global Holdings Ltd., as the worst debut among qualifying firms. MF Global ended its first day down 8.2%.
Read more: Robinhood Loses More Ground in Trading Debut After Muted IPO
The stock opened at the $38 initial public offering price. For an IPO of Robinhood’s size and larger, that’s the weakest opening trade since Uber Technologies Inc. in May of 2019 among U.S. firms. Uber finished its debut session down 7.6%.
Google is postponing a return to the office for most workers until mid-October and rolling out a policy that will eventually require everyone to be vaccinated once its sprawling campuses are fully reopened.
The more highly contagious delta variant of the coronavirus is driving a dramatic spike in COVID-19 cases and hospitalizations.
Google’s announcement Wednesday was shortly followed by one from Facebook, which also said it will make vaccines mandatory for U.S. employees who work in offices. Exceptions will be made for medical and other reasons.
“With regards to our Canadian offices, we don’t have specifics to share yet,” a spokesperson for Facebook told CBC News. “We will be evaluating our approach in other regions as the situation evolves.”
In an email sent to Google’s more than 130,000 employees worldwide, CEO Sundar Pichai said the company is now aiming to have most of its workforce back to its offices beginning Oct. 18, instead of its previous target date of Sept. 1.
The decision also affects tens of thousands of contractors who Google intends to continue to pay while access to its campuses remains limited.
“This extension will allow us time to ramp back into work while providing flexibility for those who need it,” Pichai wrote.
Pichai disclosed that once offices are fully reopened, everyone working there will have to be vaccinated. The requirement will be first imposed at Google’s Mountain View, Calif., headquarters and other U.S. offices, before being extended to the more than 40 other countries where Google operates.
‘The stuff that needs to be done’
Google has extensive operations in Canada, but the company did not immediately reply to a request for comment as to when such a policy may be implemented for its Canadian work force. Pichai’s letter, however, makes it clear that it is not just a U.S. policy.
“We’re rolling this policy out in the U.S. in the coming weeks and will expand to other regions in the coming months,” he said.
WATCH | How social media is helping spread misinformation like a virus:
U.S. officials say misinformation has plagued the COVID-19 vaccine rollout, and case counts across the country are rising. 2:02
Public health experts are lauding the move.
“This is the stuff that needs to be done, because otherwise we are endangering workers and their families,” said Dr. Leana Wen, a public health professor at George Washington University and a former health commissioner for the city of Baltimore.
“It is not fair to parents to be expected to come back to work and sit shoulder-to-shoulder with unvaccinated people who could be carrying a potentially deadly virus.”
Because children under the age of 12 aren’t currently eligible to be vaccinated, parents can bring the virus home to them from the office if they are around unvaccinated colleagues, Wen said.
Various government agencies already have announced demands for all their employees to be vaccinated, but the corporate world so far has been taking a more measured approach, even though most lawyers believe the mandates are legal.
Most employers hesitant to require vaccines
Delta and United airlines are requiring new employees to show proof of vaccination. Goldman Sachs and Morgan Stanley are requiring their employees to disclose their vaccination status, but are not requiring staffers to be vaccinated.
Less than 10 per cent of employers have said they intend to require all employees to be vaccinated, based on periodic surveys by the research firm Gartner.
While other major technology companies may follow suit now that Google and Facebook have taken stands on vaccines, employers in other industries still may be reluctant, predicted Brian Kropp, chief of research for Gartner’s human resources practice.
“Google is seen as being such a different kind of company that I think it’s going to take one or two more big employers to do something similar in terms of becoming a game changer,” Kropp said.
Google’s vaccine mandate will be adjusted to adhere to the laws and regulations of each location, Pichai wrote, and exceptions will be made for medical and other “protected” reasons.
“Getting vaccinated is one of the most important ways to keep ourselves and our communities healthy in the months ahead,” Pichai explained.
The rapid rise in cases during the past month has prompted more public health officials to urge stricter measures to help overcome vaccine skepticism and misinformation.
It’s unclear how many of Google’s workers still haven’t been vaccinated. In his email, Pichai described the vaccination rate at the company as high.
Remote work still going strong
Google’s decision to extend its remote work follows a similar move by another technology powerhouse, Apple, which recently moved its return-to-office plans from September to October, too.
The delays by Apple and Google could influence other major employers to take similar precautions, given that the technology industry has been at the forefront of the shift to remote work triggered by the spread of the novel coronavirus.
Even before the World Health Organization declared a pandemic in March 2020, Google, Apple and many other prominent tech firms had been telling their employees to work from home.
WATCH | Business travel particularly slow to bounce back:
A recent study from the consulting firm McKinsey & Company predicts that business travel won’t return to pre-pandemic levels for years. Many companies and business travellers are finding that they can cut costs by switching to virtual events and meetings, which could hurt businesses which rely on corporate travel. 1:59
This marks the third time Google has pushed back the date for fully reopening its offices.
Google’s vaccine requirement also could embolden other employers to issue similar mandates to guard against outbreaks and minimize the need to wear masks in the office.
While most companies are planning to bring back their workers at least a few days a week, others in the tech industry have decided to let employees do their jobs from remote locations permanently.
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