VONTOBEL ASSET MANAGEMENT

Michel Salden, head of commodities: "Today's 'deal' did not bring much clarity so far and looks more like an invitation to the G20 energy ministers to agree on a 5 mbpd cut tomorrow which would bring the overall cut in oil output to 15 mbpd."

UNITED ICAP:

Scott Shelton, energy specialist: "While OPEC is cutting as expected, there is simply too much crude in the physical space for sale, with too few pipelines to move it and too few buyers to take it. The most expensive priced oil in the U.S. is Cushing WTI for May and that is likely to lead us to lower prices regardless of what OPEC does."

RBC CAPITAL MARKETS:

Michael Tran, managing director of energy strategy: "The market’s muted price reaction is a sobering indicator of the headwinds that remain, namely demand destruction. An acute near-term surge in crude prices would cripple refining economics and result in further run cuts."

WELLS FARGO:

Roger Read, senior energy analyst: "Until the extreme social distancing economic shutdown measures are significantly relaxed across North America, Europe and parts of Asia, OPEC+ supply cuts are simply playing catch-up at best."

BAIRD

Ethan Bellamy, senior analyst: "10 million barrels per day is insufficient to balance the market.... OPEC’s only real choice to bring the U.S. and other higher-cost producers along is to allow price to ration supply. With half a trillion in reserves, we think the Russians can outlast U.S. producers in a fight for market share."

RYSTAD ENERGY

Bjornar Tonhaugen, head of oil markets: "A 10 million-bpd deal is far lower than what the market needs at the moment. And even that seems to be of a fragile nature, as OPEC+ producers appear to struggle to agree, dragging negotiations longer than expected."

GOLDMAN SACHS

"Our updated 2020 global oil balance suggests that a 10 million barrels per day (bpd) headline cut (for an effective 6.5 million bpd cut in production) would not be sufficient, still requiring an additional 4 million bpd of necessary price induced shut-ins."

MIZUHO

Bob Yawger, director of energy futures: "It will only slow filling of storage. It's not going to save the day, but it's better than nothing."

INTERNATIONAL ENERGY AGENCY

The head of the International Energy Agency, Fatih Birol, said a production cut of as much as 10 million bpd would still result in a 15 million-bpd buildup of crude in the second quarter.

BCS GLOBAL MARKETS

Kirill Tachennikov, director and senior oil analyst: "It is not technically possible to achieve these numbers in less than a month, and it is not enough to offset current oversupply that is exceeding 20 million bpd as it stands. As a result, the challenges of oil storage gradually filling up is still a very real issue." - Reuters

VONTOBEL ASSET MANAGEMENT

Michel Salden, head of commodities: "Today's 'deal' did not bring much clarity so far and looks more like an invitation to the G20 energy ministers to agree on a 5 mbpd cut tomorrow which would bring the overall cut in oil output to 15 mbpd."

UNITED ICAP:

Scott Shelton, energy specialist: "While OPEC is cutting as expected, there is simply too much crude in the physical space for sale, with too few pipelines to move it and too few buyers to take it. The most expensive priced oil in the U.S. is Cushing WTI for May and that is likely to lead us to lower prices regardless of what OPEC does."

RBC CAPITAL MARKETS:

Michael Tran, managing director of energy strategy: "The market’s muted price reaction is a sobering indicator of the headwinds that remain, namely demand destruction. An acute near-term surge in crude prices would cripple refining economics and result in further run cuts."

WELLS FARGO:

Roger Read, senior energy analyst: "Until the extreme social distancing economic shutdown measures are significantly relaxed across North America, Europe and parts of Asia, OPEC+ supply cuts are simply playing catch-up at best."

BAIRD

Ethan Bellamy, senior analyst: "10 million barrels per day is insufficient to balance the market.... OPEC’s only real choice to bring the U.S. and other higher-cost producers along is to allow price to ration supply. With half a trillion in reserves, we think the Russians can outlast U.S. producers in a fight for market share."

RYSTAD ENERGY

Bjornar Tonhaugen, head of oil markets: "A 10 million-bpd deal is far lower than what the market needs at the moment. And even that seems to be of a fragile nature, as OPEC+ producers appear to struggle to agree, dragging negotiations longer than expected."

GOLDMAN SACHS

"Our updated 2020 global oil balance suggests that a 10 million barrels per day (bpd) headline cut (for an effective 6.5 million bpd cut in production) would not be sufficient, still requiring an additional 4 million bpd of necessary price induced shut-ins."

MIZUHO

Bob Yawger, director of energy futures: "It will only slow filling of storage. It's not going to save the day, but it's better than nothing."

INTERNATIONAL ENERGY AGENCY

The head of the International Energy Agency, Fatih Birol, said a production cut of as much as 10 million bpd would still result in a 15 million-bpd buildup of crude in the second quarter.

BCS GLOBAL MARKETS

Kirill Tachennikov, director and senior oil analyst: "It is not technically possible to achieve these numbers in less than a month, and it is not enough to offset current oversupply that is exceeding 20 million bpd as it stands. As a result, the challenges of oil storage gradually filling up is still a very real issue." - Reuters

VONTOBEL ASSET MANAGEMENT

Michel Salden, head of commodities: "Today's 'deal' did not bring much clarity so far and looks more like an invitation to the G20 energy ministers to agree on a 5 mbpd cut tomorrow which would bring the overall cut in oil output to 15 mbpd."

UNITED ICAP:

Scott Shelton, energy specialist: "While OPEC is cutting as expected, there is simply too much crude in the physical space for sale, with too few pipelines to move it and too few buyers to take it. The most expensive priced oil in the U.S. is Cushing WTI for May and that is likely to lead us to lower prices regardless of what OPEC does."

RBC CAPITAL MARKETS:

Michael Tran, managing director of energy strategy: "The market’s muted price reaction is a sobering indicator of the headwinds that remain, namely demand destruction. An acute near-term surge in crude prices would cripple refining economics and result in further run cuts."

WELLS FARGO:

Roger Read, senior energy analyst: "Until the extreme social distancing economic shutdown measures are significantly relaxed across North America, Europe and parts of Asia, OPEC+ supply cuts are simply playing catch-up at best."

BAIRD

Ethan Bellamy, senior analyst: "10 million barrels per day is insufficient to balance the market.... OPEC’s only real choice to bring the U.S. and other higher-cost producers along is to allow price to ration supply. With half a trillion in reserves, we think the Russians can outlast U.S. producers in a fight for market share."

RYSTAD ENERGY

Bjornar Tonhaugen, head of oil markets: "A 10 million-bpd deal is far lower than what the market needs at the moment. And even that seems to be of a fragile nature, as OPEC+ producers appear to struggle to agree, dragging negotiations longer than expected."

GOLDMAN SACHS

"Our updated 2020 global oil balance suggests that a 10 million barrels per day (bpd) headline cut (for an effective 6.5 million bpd cut in production) would not be sufficient, still requiring an additional 4 million bpd of necessary price induced shut-ins."

MIZUHO

Bob Yawger, director of energy futures: "It will only slow filling of storage. It's not going to save the day, but it's better than nothing."

INTERNATIONAL ENERGY AGENCY

The head of the International Energy Agency, Fatih Birol, said a production cut of as much as 10 million bpd would still result in a 15 million-bpd buildup of crude in the second quarter.

BCS GLOBAL MARKETS

Kirill Tachennikov, director and senior oil analyst: "It is not technically possible to achieve these numbers in less than a month, and it is not enough to offset current oversupply that is exceeding 20 million bpd as it stands. As a result, the challenges of oil storage gradually filling up is still a very real issue." - Reuters

VONTOBEL ASSET MANAGEMENT

Michel Salden, head of commodities: "Today's 'deal' did not bring much clarity so far and looks more like an invitation to the G20 energy ministers to agree on a 5 mbpd cut tomorrow which would bring the overall cut in oil output to 15 mbpd."

UNITED ICAP:

Scott Shelton, energy specialist: "While OPEC is cutting as expected, there is simply too much crude in the physical space for sale, with too few pipelines to move it and too few buyers to take it. The most expensive priced oil in the U.S. is Cushing WTI for May and that is likely to lead us to lower prices regardless of what OPEC does."

RBC CAPITAL MARKETS:

Michael Tran, managing director of energy strategy: "The market’s muted price reaction is a sobering indicator of the headwinds that remain, namely demand destruction. An acute near-term surge in crude prices would cripple refining economics and result in further run cuts."

WELLS FARGO:

Roger Read, senior energy analyst: "Until the extreme social distancing economic shutdown measures are significantly relaxed across North America, Europe and parts of Asia, OPEC+ supply cuts are simply playing catch-up at best."

BAIRD

Ethan Bellamy, senior analyst: "10 million barrels per day is insufficient to balance the market.... OPEC’s only real choice to bring the U.S. and other higher-cost producers along is to allow price to ration supply. With half a trillion in reserves, we think the Russians can outlast U.S. producers in a fight for market share."

RYSTAD ENERGY

Bjornar Tonhaugen, head of oil markets: "A 10 million-bpd deal is far lower than what the market needs at the moment. And even that seems to be of a fragile nature, as OPEC+ producers appear to struggle to agree, dragging negotiations longer than expected."

GOLDMAN SACHS

"Our updated 2020 global oil balance suggests that a 10 million barrels per day (bpd) headline cut (for an effective 6.5 million bpd cut in production) would not be sufficient, still requiring an additional 4 million bpd of necessary price induced shut-ins."

MIZUHO

Bob Yawger, director of energy futures: "It will only slow filling of storage. It's not going to save the day, but it's better than nothing."

INTERNATIONAL ENERGY AGENCY

The head of the International Energy Agency, Fatih Birol, said a production cut of as much as 10 million bpd would still result in a 15 million-bpd buildup of crude in the second quarter.

BCS GLOBAL MARKETS

Kirill Tachennikov, director and senior oil analyst: "It is not technically possible to achieve these numbers in less than a month, and it is not enough to offset current oversupply that is exceeding 20 million bpd as it stands. As a result, the challenges of oil storage gradually filling up is still a very real issue." - Reuters

VONTOBEL ASSET MANAGEMENT

Michel Salden, head of commodities: "Today's 'deal' did not bring much clarity so far and looks more like an invitation to the G20 energy ministers to agree on a 5 mbpd cut tomorrow which would bring the overall cut in oil output to 15 mbpd."

UNITED ICAP:

Scott Shelton, energy specialist: "While OPEC is cutting as expected, there is simply too much crude in the physical space for sale, with too few pipelines to move it and too few buyers to take it. The most expensive priced oil in the U.S. is Cushing WTI for May and that is likely to lead us to lower prices regardless of what OPEC does."

RBC CAPITAL MARKETS:

Michael Tran, managing director of energy strategy: "The market’s muted price reaction is a sobering indicator of the headwinds that remain, namely demand destruction. An acute near-term surge in crude prices would cripple refining economics and result in further run cuts."

WELLS FARGO:

Roger Read, senior energy analyst: "Until the extreme social distancing economic shutdown measures are significantly relaxed across North America, Europe and parts of Asia, OPEC+ supply cuts are simply playing catch-up at best."

BAIRD

Ethan Bellamy, senior analyst: "10 million barrels per day is insufficient to balance the market.... OPEC’s only real choice to bring the U.S. and other higher-cost producers along is to allow price to ration supply. With half a trillion in reserves, we think the Russians can outlast U.S. producers in a fight for market share."

RYSTAD ENERGY

Bjornar Tonhaugen, head of oil markets: "A 10 million-bpd deal is far lower than what the market needs at the moment. And even that seems to be of a fragile nature, as OPEC+ producers appear to struggle to agree, dragging negotiations longer than expected."

GOLDMAN SACHS

"Our updated 2020 global oil balance suggests that a 10 million barrels per day (bpd) headline cut (for an effective 6.5 million bpd cut in production) would not be sufficient, still requiring an additional 4 million bpd of necessary price induced shut-ins."

MIZUHO

Bob Yawger, director of energy futures: "It will only slow filling of storage. It's not going to save the day, but it's better than nothing."

INTERNATIONAL ENERGY AGENCY

The head of the International Energy Agency, Fatih Birol, said a production cut of as much as 10 million bpd would still result in a 15 million-bpd buildup of crude in the second quarter.

BCS GLOBAL MARKETS

Kirill Tachennikov, director and senior oil analyst: "It is not technically possible to achieve these numbers in less than a month, and it is not enough to offset current oversupply that is exceeding 20 million bpd as it stands. As a result, the challenges of oil storage gradually filling up is still a very real issue." - Reuters

VONTOBEL ASSET MANAGEMENT

Michel Salden, head of commodities: "Today's 'deal' did not bring much clarity so far and looks more like an invitation to the G20 energy ministers to agree on a 5 mbpd cut tomorrow which would bring the overall cut in oil output to 15 mbpd."

UNITED ICAP:

Scott Shelton, energy specialist: "While OPEC is cutting as expected, there is simply too much crude in the physical space for sale, with too few pipelines to move it and too few buyers to take it. The most expensive priced oil in the U.S. is Cushing WTI for May and that is likely to lead us to lower prices regardless of what OPEC does."

RBC CAPITAL MARKETS:

Michael Tran, managing director of energy strategy: "The market’s muted price reaction is a sobering indicator of the headwinds that remain, namely demand destruction. An acute near-term surge in crude prices would cripple refining economics and result in further run cuts."

WELLS FARGO:

Roger Read, senior energy analyst: "Until the extreme social distancing economic shutdown measures are significantly relaxed across North America, Europe and parts of Asia, OPEC+ supply cuts are simply playing catch-up at best."

BAIRD

Ethan Bellamy, senior analyst: "10 million barrels per day is insufficient to balance the market.... OPEC’s only real choice to bring the U.S. and other higher-cost producers along is to allow price to ration supply. With half a trillion in reserves, we think the Russians can outlast U.S. producers in a fight for market share."

RYSTAD ENERGY

Bjornar Tonhaugen, head of oil markets: "A 10 million-bpd deal is far lower than what the market needs at the moment. And even that seems to be of a fragile nature, as OPEC+ producers appear to struggle to agree, dragging negotiations longer than expected."

GOLDMAN SACHS

"Our updated 2020 global oil balance suggests that a 10 million barrels per day (bpd) headline cut (for an effective 6.5 million bpd cut in production) would not be sufficient, still requiring an additional 4 million bpd of necessary price induced shut-ins."

MIZUHO

Bob Yawger, director of energy futures: "It will only slow filling of storage. It's not going to save the day, but it's better than nothing."

INTERNATIONAL ENERGY AGENCY

The head of the International Energy Agency, Fatih Birol, said a production cut of as much as 10 million bpd would still result in a 15 million-bpd buildup of crude in the second quarter.

BCS GLOBAL MARKETS

Kirill Tachennikov, director and senior oil analyst: "It is not technically possible to achieve these numbers in less than a month, and it is not enough to offset current oversupply that is exceeding 20 million bpd as it stands. As a result, the challenges of oil storage gradually filling up is still a very real issue." - Reuters

VONTOBEL ASSET MANAGEMENT

Michel Salden, head of commodities: "Today's 'deal' did not bring much clarity so far and looks more like an invitation to the G20 energy ministers to agree on a 5 mbpd cut tomorrow which would bring the overall cut in oil output to 15 mbpd."

UNITED ICAP:

Scott Shelton, energy specialist: "While OPEC is cutting as expected, there is simply too much crude in the physical space for sale, with too few pipelines to move it and too few buyers to take it. The most expensive priced oil in the U.S. is Cushing WTI for May and that is likely to lead us to lower prices regardless of what OPEC does."

RBC CAPITAL MARKETS:

Michael Tran, managing director of energy strategy: "The market’s muted price reaction is a sobering indicator of the headwinds that remain, namely demand destruction. An acute near-term surge in crude prices would cripple refining economics and result in further run cuts."

WELLS FARGO:

Roger Read, senior energy analyst: "Until the extreme social distancing economic shutdown measures are significantly relaxed across North America, Europe and parts of Asia, OPEC+ supply cuts are simply playing catch-up at best."

BAIRD

Ethan Bellamy, senior analyst: "10 million barrels per day is insufficient to balance the market.... OPEC’s only real choice to bring the U.S. and other higher-cost producers along is to allow price to ration supply. With half a trillion in reserves, we think the Russians can outlast U.S. producers in a fight for market share."

RYSTAD ENERGY

Bjornar Tonhaugen, head of oil markets: "A 10 million-bpd deal is far lower than what the market needs at the moment. And even that seems to be of a fragile nature, as OPEC+ producers appear to struggle to agree, dragging negotiations longer than expected."

GOLDMAN SACHS

"Our updated 2020 global oil balance suggests that a 10 million barrels per day (bpd) headline cut (for an effective 6.5 million bpd cut in production) would not be sufficient, still requiring an additional 4 million bpd of necessary price induced shut-ins."

MIZUHO

Bob Yawger, director of energy futures: "It will only slow filling of storage. It's not going to save the day, but it's better than nothing."

INTERNATIONAL ENERGY AGENCY

The head of the International Energy Agency, Fatih Birol, said a production cut of as much as 10 million bpd would still result in a 15 million-bpd buildup of crude in the second quarter.

BCS GLOBAL MARKETS

Kirill Tachennikov, director and senior oil analyst: "It is not technically possible to achieve these numbers in less than a month, and it is not enough to offset current oversupply that is exceeding 20 million bpd as it stands. As a result, the challenges of oil storage gradually filling up is still a very real issue." - Reuters

uSA clear their stock..brent and crude slowly up..

Great Bursa

Great Bursa

20million cut..Great deal..

20million cut..Great deal..

20million cut..Great deal..

20million cut..Great deal..

20million cut..Great deal..

https://www.investing.com/indices/major-indices

ATX Index signal OPEC Meeting progress

https://www.investing.com/indices/major-indices

ATX Index signal OPEC Meeting progress

Countdown

Countdown

The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.

The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.

The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.

The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.

The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.

The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.

Any news from OPEX?

Anybody here join the OPEX meeting? Any news?

OPEC+ to Meet, With Cuts Expected
Oil ministers will be brushing up on their video conference skills tonight.

OPEC+ will hold its virtual meeting Thursday that many (bulls) are hoping will result in production cuts to stabilize the market.

WTI futures spiked 11% in late trading as Algeria revved up expectations, saying “massive” output cuts were on the cards, which could be around 10 million barrels per day.

That added to enthusiasm about Russia planning to offer cuts of 1.6 million barrels, Reuters reported, citing a Kremlin source.

U.S. participation could be the key to whether a deal goes through. But the world’s largest crude producer signaled it will contribute about 1.2 million bpd at most in cuts that would be market driven, not an official reduction.

OPEC+ to Meet, With Cuts Expected
Oil ministers will be brushing up on their video conference skills tonight.

OPEC+ will hold its virtual meeting Thursday that many (bulls) are hoping will result in production cuts to stabilize the market.

WTI futures spiked 11% in late trading as Algeria revved up expectations, saying “massive” output cuts were on the cards, which could be around 10 million barrels per day.

That added to enthusiasm about Russia planning to offer cuts of 1.6 million barrels, Reuters reported, citing a Kremlin source.

U.S. participation could be the key to whether a deal goes through. But the world’s largest crude producer signaled it will contribute about 1.2 million bpd at most in cuts that would be market driven, not an official reduction.

OPEC+ to Meet, With Cuts Expected
Oil ministers will be brushing up on their video conference skills tonight.

OPEC+ will hold its virtual meeting Thursday that many (bulls) are hoping will result in production cuts to stabilize the market.

WTI futures spiked 11% in late trading as Algeria revved up expectations, saying “massive” output cuts were on the cards, which could be around 10 million barrels per day.

That added to enthusiasm about Russia planning to offer cuts of 1.6 million barrels, Reuters reported, citing a Kremlin source.

U.S. participation could be the key to whether a deal goes through. But the world’s largest crude producer signaled it will contribute about 1.2 million bpd at most in cuts that would be market driven, not an official reduction.

OPEC+ to Meet, With Cuts Expected
Oil ministers will be brushing up on their video conference skills tonight.

OPEC+ will hold its virtual meeting Thursday that many (bulls) are hoping will result in production cuts to stabilize the market.

WTI futures spiked 11% in late trading as Algeria revved up expectations, saying “massive” output cuts were on the cards, which could be around 10 million barrels per day.

That added to enthusiasm about Russia planning to offer cuts of 1.6 million barrels, Reuters reported, citing a Kremlin source.

U.S. participation could be the key to whether a deal goes through. But the world’s largest crude producer signaled it will contribute about 1.2 million bpd at most in cuts that would be market driven, not an official reduction.

OPEC+ to Meet, With Cuts Expected
Oil ministers will be brushing up on their video conference skills tonight.

OPEC+ will hold its virtual meeting Thursday that many (bulls) are hoping will result in production cuts to stabilize the market.

WTI futures spiked 11% in late trading as Algeria revved up expectations, saying “massive” output cuts were on the cards, which could be around 10 million barrels per day.

That added to enthusiasm about Russia planning to offer cuts of 1.6 million barrels, Reuters reported, citing a Kremlin source.

U.S. participation could be the key to whether a deal goes through. But the world’s largest crude producer signaled it will contribute about 1.2 million bpd at most in cuts that would be market driven, not an official reduction.

OPEC+ to Meet, With Cuts Expected
Oil ministers will be brushing up on their video conference skills tonight.

OPEC+ will hold its virtual meeting Thursday that many (bulls) are hoping will result in production cuts to stabilize the market.

WTI futures spiked 11% in late trading as Algeria revved up expectations, saying “massive” output cuts were on the cards, which could be around 10 million barrels per day.

That added to enthusiasm about Russia planning to offer cuts of 1.6 million barrels, Reuters reported, citing a Kremlin source.

U.S. participation could be the key to whether a deal goes through. But the world’s largest crude producer signaled it will contribute about 1.2 million bpd at most in cuts that would be market driven, not an official reduction.

OPEC+ to Meet, With Cuts Expected
Oil ministers will be brushing up on their video conference skills tonight.

OPEC+ will hold its virtual meeting Thursday that many (bulls) are hoping will result in production cuts to stabilize the market.

WTI futures spiked 11% in late trading as Algeria revved up expectations, saying “massive” output cuts were on the cards, which could be around 10 million barrels per day.

That added to enthusiasm about Russia planning to offer cuts of 1.6 million barrels, Reuters reported, citing a Kremlin source.

U.S. participation could be the key to whether a deal goes through. But the world’s largest crude producer signaled it will contribute about 1.2 million bpd at most in cuts that would be market driven, not an official reduction.

LONDON (Reuters) - Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

Thursday's videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is expected to be more successful than their gathering in March, which ended in a failure to extend supply cuts and a price war between Saudi Arabia and Russia.

"The coming extraordinary producing-countries meeting is the only hope on the horizon for the market," said Bjornar Tonhaugen of Rystad Energy.

"Nobody wants to go short ahead of what could be a 'positive surprise' by OPEC++."

Brent crude (LCOc1) was down 9 cents, or 0.3%, at $31.78 by 0837 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude (CLc1) rose 94 cents to $24.87.

Crude has collapsed in 2020 because of a slide in demand due to the coronavirus outbreak and excess supply. Brent dropped to $21.65, its lowest since 2002, on March 30.

While OPEC sources have said a deal to cut production is conditional on the participation of the United States, doubts remain as to whether Washington will contribute.

The U.S. Department of Energy said on Tuesday U.S. output was already declining, without government action.

U.S. crude production is expected to slump by 470,000 bpd and and demand is set to drop by about 1.3 million bpd in 2020, the U.S. Energy Information Administration (EIA) said on Tuesday.

Before the OPEC and other producers' meeting, the latest round of U.S. oil inventory data will be in focus on Wednesday.

In a sign of excess supply, the American Petroleum Institute, an industry group, said U.S. crude inventories jumped by 11.9 million barrels. The government's supply report is due at 1430 GMT.

LONDON (Reuters) - Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

Thursday's videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is expected to be more successful than their gathering in March, which ended in a failure to extend supply cuts and a price war between Saudi Arabia and Russia.

"The coming extraordinary producing-countries meeting is the only hope on the horizon for the market," said Bjornar Tonhaugen of Rystad Energy.

"Nobody wants to go short ahead of what could be a 'positive surprise' by OPEC++."

Brent crude (LCOc1) was down 9 cents, or 0.3%, at $31.78 by 0837 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude (CLc1) rose 94 cents to $24.87.

Crude has collapsed in 2020 because of a slide in demand due to the coronavirus outbreak and excess supply. Brent dropped to $21.65, its lowest since 2002, on March 30.

While OPEC sources have said a deal to cut production is conditional on the participation of the United States, doubts remain as to whether Washington will contribute.

The U.S. Department of Energy said on Tuesday U.S. output was already declining, without government action.

U.S. crude production is expected to slump by 470,000 bpd and and demand is set to drop by about 1.3 million bpd in 2020, the U.S. Energy Information Administration (EIA) said on Tuesday.

Before the OPEC and other producers' meeting, the latest round of U.S. oil inventory data will be in focus on Wednesday.

In a sign of excess supply, the American Petroleum Institute, an industry group, said U.S. crude inventories jumped by 11.9 million barrels. The government's supply report is due at 1430 GMT.

LONDON (Reuters) - Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

Thursday's videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is expected to be more successful than their gathering in March, which ended in a failure to extend supply cuts and a price war between Saudi Arabia and Russia.

"The coming extraordinary producing-countries meeting is the only hope on the horizon for the market," said Bjornar Tonhaugen of Rystad Energy.

"Nobody wants to go short ahead of what could be a 'positive surprise' by OPEC++."

Brent crude (LCOc1) was down 9 cents, or 0.3%, at $31.78 by 0837 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude (CLc1) rose 94 cents to $24.87.

Crude has collapsed in 2020 because of a slide in demand due to the coronavirus outbreak and excess supply. Brent dropped to $21.65, its lowest since 2002, on March 30.

While OPEC sources have said a deal to cut production is conditional on the participation of the United States, doubts remain as to whether Washington will contribute.

The U.S. Department of Energy said on Tuesday U.S. output was already declining, without government action.

U.S. crude production is expected to slump by 470,000 bpd and and demand is set to drop by about 1.3 million bpd in 2020, the U.S. Energy Information Administration (EIA) said on Tuesday.

Before the OPEC and other producers' meeting, the latest round of U.S. oil inventory data will be in focus on Wednesday.

In a sign of excess supply, the American Petroleum Institute, an industry group, said U.S. crude inventories jumped by 11.9 million barrels. The government's supply report is due at 1430 GMT.

LONDON (Reuters) - Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

Thursday's videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is expected to be more successful than their gathering in March, which ended in a failure to extend supply cuts and a price war between Saudi Arabia and Russia.

"The coming extraordinary producing-countries meeting is the only hope on the horizon for the market," said Bjornar Tonhaugen of Rystad Energy.

"Nobody wants to go short ahead of what could be a 'positive surprise' by OPEC++."

Brent crude (LCOc1) was down 9 cents, or 0.3%, at $31.78 by 0837 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude (CLc1) rose 94 cents to $24.87.

Crude has collapsed in 2020 because of a slide in demand due to the coronavirus outbreak and excess supply. Brent dropped to $21.65, its lowest since 2002, on March 30.

While OPEC sources have said a deal to cut production is conditional on the participation of the United States, doubts remain as to whether Washington will contribute.

The U.S. Department of Energy said on Tuesday U.S. output was already declining, without government action.

U.S. crude production is expected to slump by 470,000 bpd and and demand is set to drop by about 1.3 million bpd in 2020, the U.S. Energy Information Administration (EIA) said on Tuesday.

Before the OPEC and other producers' meeting, the latest round of U.S. oil inventory data will be in focus on Wednesday.

In a sign of excess supply, the American Petroleum Institute, an industry group, said U.S. crude inventories jumped by 11.9 million barrels. The government's supply report is due at 1430 GMT.

LONDON (Reuters) - Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

Thursday's videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is expected to be more successful than their gathering in March, which ended in a failure to extend supply cuts and a price war between Saudi Arabia and Russia.

"The coming extraordinary producing-countries meeting is the only hope on the horizon for the market," said Bjornar Tonhaugen of Rystad Energy.

"Nobody wants to go short ahead of what could be a 'positive surprise' by OPEC++."

Brent crude (LCOc1) was down 9 cents, or 0.3%, at $31.78 by 0837 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude (CLc1) rose 94 cents to $24.87.

Crude has collapsed in 2020 because of a slide in demand due to the coronavirus outbreak and excess supply. Brent dropped to $21.65, its lowest since 2002, on March 30.

While OPEC sources have said a deal to cut production is conditional on the participation of the United States, doubts remain as to whether Washington will contribute.

The U.S. Department of Energy said on Tuesday U.S. output was already declining, without government action.

U.S. crude production is expected to slump by 470,000 bpd and and demand is set to drop by about 1.3 million bpd in 2020, the U.S. Energy Information Administration (EIA) said on Tuesday.

Before the OPEC and other producers' meeting, the latest round of U.S. oil inventory data will be in focus on Wednesday.

In a sign of excess supply, the American Petroleum Institute, an industry group, said U.S. crude inventories jumped by 11.9 million barrels. The government's supply report is due at 1430 GMT.

LONDON (Reuters) - Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

Thursday's videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is expected to be more successful than their gathering in March, which ended in a failure to extend supply cuts and a price war between Saudi Arabia and Russia.

"The coming extraordinary producing-countries meeting is the only hope on the horizon for the market," said Bjornar Tonhaugen of Rystad Energy.

"Nobody wants to go short ahead of what could be a 'positive surprise' by OPEC++."

Brent crude (LCOc1) was down 9 cents, or 0.3%, at $31.78 by 0837 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude (CLc1) rose 94 cents to $24.87.

Crude has collapsed in 2020 because of a slide in demand due to the coronavirus outbreak and excess supply. Brent dropped to $21.65, its lowest since 2002, on March 30.

While OPEC sources have said a deal to cut production is conditional on the participation of the United States, doubts remain as to whether Washington will contribute.

The U.S. Department of Energy said on Tuesday U.S. output was already declining, without government action.

U.S. crude production is expected to slump by 470,000 bpd and and demand is set to drop by about 1.3 million bpd in 2020, the U.S. Energy Information Administration (EIA) said on Tuesday.

Before the OPEC and other producers' meeting, the latest round of U.S. oil inventory data will be in focus on Wednesday.

In a sign of excess supply, the American Petroleum Institute, an industry group, said U.S. crude inventories jumped by 11.9 million barrels. The government's supply report is due at 1430 GMT.

LONDON (Reuters) - Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

Thursday's videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is expected to be more successful than their gathering in March, which ended in a failure to extend supply cuts and a price war between Saudi Arabia and Russia.

"The coming extraordinary producing-countries meeting is the only hope on the horizon for the market," said Bjornar Tonhaugen of Rystad Energy.

"Nobody wants to go short ahead of what could be a 'positive surprise' by OPEC++."

Brent crude (LCOc1) was down 9 cents, or 0.3%, at $31.78 by 0837 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude (CLc1) rose 94 cents to $24.87.

Crude has collapsed in 2020 because of a slide in demand due to the coronavirus outbreak and excess supply. Brent dropped to $21.65, its lowest since 2002, on March 30.

While OPEC sources have said a deal to cut production is conditional on the participation of the United States, doubts remain as to whether Washington will contribute.

The U.S. Department of Energy said on Tuesday U.S. output was already declining, without government action.

U.S. crude production is expected to slump by 470,000 bpd and and demand is set to drop by about 1.3 million bpd in 2020, the U.S. Energy Information Administration (EIA) said on Tuesday.

Before the OPEC and other producers' meeting, the latest round of U.S. oil inventory data will be in focus on Wednesday.

In a sign of excess supply, the American Petroleum Institute, an industry group, said U.S. crude inventories jumped by 11.9 million barrels. The government's supply report is due at 1430 GMT.

Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.

MOSCOW: As leaders around the globe compete with ever-bigger spending packages, the Kremlin is hoarding hundreds of billions of dollars in reserves, worried that oil prices will stay low for a long time.

Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.

During the 2008-2009 global financial crisis, the country spent a tenth of GDP to counter the collapse but was able to rebuild its reserves within just a few years as crude rebounded. This time around the Kremlin is hunkering down for a prolonged period of low export revenues.

“Oil prices have fallen below a level anyone thought imaginable, ” said Alexandra Suslina, a budget specialist at the Economic Expert Group, a Moscow think-tank that advises the government. “They need to spend the reserves carefully because that’s all there is.”

The approach has caused outrage among business owners and lobby groups, who warn that insufficient stimulus could lead to mass unemployment, bankruptcies and a deep economic slump.

The central bank estimated that a government ruling for most Russians to work from home for the whole of April could knock 1.5% to 2% off growth this year, while the budget is being re-written to prepare for oil prices at US$20 a barrel.

“So far there are promises but no help, I don’t know even one businessman who received help and almost everyone has suffered, ” said Aleksandr Khurudzhi, head of the Business Protection Association in Moscow.

The government’s stimulus package, which will be partly funded by taxes on the rich, so far amounts to a 300 billion ruble (US$3.9bil) fund to support struggling firms, and some tax and mortgage breaks.

Before the crisis, the government was planning to boost spending this year, and officials have stressed that they won’t cut that.

Prime Minister Mikhail Mishustin said last week that the government has reserved 1.4 trillion rubles if needed, although it wasn’t clear what the money would be spent on and how much would come from existing budgets.

“There’s a lot of discussion about using the budget to give people handouts, but that’s just not right, ” Moscow Mayor Sergei Sobyanin said on state TV last week.

“The budgets will burst, they’re already struggling to cope with the strain on healthcare.”

Alexei Kudrin, a former finance minister called last week for the strict rules that limit spending from the US$165bil wealth fund, the liquid chunk of Russia’s reserves, to be altered to free up money.

He said a mechanism needed to be created to distribute support directly to people. Sergei Guriev, the former chief economist at the European Bank for Reconstruction and Development, said Russia should be spending around 10% of GDP. — Bloomberg

Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.

MOSCOW: As leaders around the globe compete with ever-bigger spending packages, the Kremlin is hoarding hundreds of billions of dollars in reserves, worried that oil prices will stay low for a long time.

Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.

During the 2008-2009 global financial crisis, the country spent a tenth of GDP to counter the collapse but was able to rebuild its reserves within just a few years as crude rebounded. This time around the Kremlin is hunkering down for a prolonged period of low export revenues.

“Oil prices have fallen below a level anyone thought imaginable, ” said Alexandra Suslina, a budget specialist at the Economic Expert Group, a Moscow think-tank that advises the government. “They need to spend the reserves carefully because that’s all there is.”

The approach has caused outrage among business owners and lobby groups, who warn that insufficient stimulus could lead to mass unemployment, bankruptcies and a deep economic slump.

The central bank estimated that a government ruling for most Russians to work from home for the whole of April could knock 1.5% to 2% off growth this year, while the budget is being re-written to prepare for oil prices at US$20 a barrel.

“So far there are promises but no help, I don’t know even one businessman who received help and almost everyone has suffered, ” said Aleksandr Khurudzhi, head of the Business Protection Association in Moscow.

The government’s stimulus package, which will be partly funded by taxes on the rich, so far amounts to a 300 billion ruble (US$3.9bil) fund to support struggling firms, and some tax and mortgage breaks.

Before the crisis, the government was planning to boost spending this year, and officials have stressed that they won’t cut that.

Prime Minister Mikhail Mishustin said last week that the government has reserved 1.4 trillion rubles if needed, although it wasn’t clear what the money would be spent on and how much would come from existing budgets.

“There’s a lot of discussion about using the budget to give people handouts, but that’s just not right, ” Moscow Mayor Sergei Sobyanin said on state TV last week.

“The budgets will burst, they’re already struggling to cope with the strain on healthcare.”

Alexei Kudrin, a former finance minister called last week for the strict rules that limit spending from the US$165bil wealth fund, the liquid chunk of Russia’s reserves, to be altered to free up money.

He said a mechanism needed to be created to distribute support directly to people. Sergei Guriev, the former chief economist at the European Bank for Reconstruction and Development, said Russia should be spending around 10% of GDP. — Bloomberg

Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.

MOSCOW: As leaders around the globe compete with ever-bigger spending packages, the Kremlin is hoarding hundreds of billions of dollars in reserves, worried that oil prices will stay low for a long time.

Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.

During the 2008-2009 global financial crisis, the country spent a tenth of GDP to counter the collapse but was able to rebuild its reserves within just a few years as crude rebounded. This time around the Kremlin is hunkering down for a prolonged period of low export revenues.

“Oil prices have fallen below a level anyone thought imaginable, ” said Alexandra Suslina, a budget specialist at the Economic Expert Group, a Moscow think-tank that advises the government. “They need to spend the reserves carefully because that’s all there is.”

The approach has caused outrage among business owners and lobby groups, who warn that insufficient stimulus could lead to mass unemployment, bankruptcies and a deep economic slump.

The central bank estimated that a government ruling for most Russians to work from home for the whole of April could knock 1.5% to 2% off growth this year, while the budget is being re-written to prepare for oil prices at US$20 a barrel.

“So far there are promises but no help, I don’t know even one businessman who received help and almost everyone has suffered, ” said Aleksandr Khurudzhi, head of the Business Protection Association in Moscow.

The government’s stimulus package, which will be partly funded by taxes on the rich, so far amounts to a 300 billion ruble (US$3.9bil) fund to support struggling firms, and some tax and mortgage breaks.

Before the crisis, the government was planning to boost spending this year, and officials have stressed that they won’t cut that.

Prime Minister Mikhail Mishustin said last week that the government has reserved 1.4 trillion rubles if needed, although it wasn’t clear what the money would be spent on and how much would come from existing budgets.

“There’s a lot of discussion about using the budget to give people handouts, but that’s just not right, ” Moscow Mayor Sergei Sobyanin said on state TV last week.

“The budgets will burst, they’re already struggling to cope with the strain on healthcare.”

Alexei Kudrin, a former finance minister called last week for the strict rules that limit spending from the US$165bil wealth fund, the liquid chunk of Russia’s reserves, to be altered to free up money.

He said a mechanism needed to be created to distribute support directly to people. Sergei Guriev, the former chief economist at the European Bank for Reconstruction and Development, said Russia should be spending around 10% of GDP. — Bloomberg

Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.

MOSCOW: As leaders around the globe compete with ever-bigger spending packages, the Kremlin is hoarding hundreds of billions of dollars in reserves, worried that oil prices will stay low for a long time.

Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.

During the 2008-2009 global financial crisis, the country spent a tenth of GDP to counter the collapse but was able to rebuild its reserves within just a few years as crude rebounded. This time around the Kremlin is hunkering down for a prolonged period of low export revenues.

“Oil prices have fallen below a level anyone thought imaginable, ” said Alexandra Suslina, a budget specialist at the Economic Expert Group, a Moscow think-tank that advises the government. “They need to spend the reserves carefully because that’s all there is.”

The approach has caused outrage among business owners and lobby groups, who warn that insufficient stimulus could lead to mass unemployment, bankruptcies and a deep economic slump.

The central bank estimated that a government ruling for most Russians to work from home for the whole of April could knock 1.5% to 2% off growth this year, while the budget is being re-written to prepare for oil prices at US$20 a barrel.

“So far there are promises but no help, I don’t know even one businessman who received help and almost everyone has suffered, ” said Aleksandr Khurudzhi, head of the Business Protection Association in Moscow.

The government’s stimulus package, which will be partly funded by taxes on the rich, so far amounts to a 300 billion ruble (US$3.9bil) fund to support struggling firms, and some tax and mortgage breaks.

Before the crisis, the government was planning to boost spending this year, and officials have stressed that they won’t cut that.

Prime Minister Mikhail Mishustin said last week that the government has reserved 1.4 trillion rubles if needed, although it wasn’t clear what the money would be spent on and how much would come from existing budgets.

“There’s a lot of discussion about using the budget to give people handouts, but that’s just not right, ” Moscow Mayor Sergei Sobyanin said on state TV last week.

“The budgets will burst, they’re already struggling to cope with the strain on healthcare.”

Alexei Kudrin, a former finance minister called last week for the strict rules that limit spending from the US$165bil wealth fund, the liquid chunk of Russia’s reserves, to be altered to free up money.

He said a mechanism needed to be created to distribute support directly to people. Sergei Guriev, the former chief economist at the European Bank for Reconstruction and Development, said Russia should be spending around 10% of GDP. — Bloomberg

Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.

MOSCOW: As leaders around the globe compete with ever-bigger spending packages, the Kremlin is hoarding hundreds of billions of dollars in reserves, worried that oil prices will stay low for a long time.

Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.

During the 2008-2009 global financial crisis, the country spent a tenth of GDP to counter the collapse but was able to rebuild its reserves within just a few years as crude rebounded. This time around the Kremlin is hunkering down for a prolonged period of low export revenues.

“Oil prices have fallen below a level anyone thought imaginable, ” said Alexandra Suslina, a budget specialist at the Economic Expert Group, a Moscow think-tank that advises the government. “They need to spend the reserves carefully because that’s all there is.”

The approach has caused outrage among business owners and lobby groups, who warn that insufficient stimulus could lead to mass unemployment, bankruptcies and a deep economic slump.

The central bank estimated that a government ruling for most Russians to work from home for the whole of April could knock 1.5% to 2% off growth this year, while the budget is being re-written to prepare for oil prices at US$20 a barrel.

“So far there are promises but no help, I don’t know even one businessman who received help and almost everyone has suffered, ” said Aleksandr Khurudzhi, head of the Business Protection Association in Moscow.

The government’s stimulus package, which will be partly funded by taxes on the rich, so far amounts to a 300 billion ruble (US$3.9bil) fund to support struggling firms, and some tax and mortgage breaks.

Before the crisis, the government was planning to boost spending this year, and officials have stressed that they won’t cut that.

Prime Minister Mikhail Mishustin said last week that the government has reserved 1.4 trillion rubles if needed, although it wasn’t clear what the money would be spent on and how much would come from existing budgets.

“There’s a lot of discussion about using the budget to give people handouts, but that’s just not right, ” Moscow Mayor Sergei Sobyanin said on state TV last week.

“The budgets will burst, they’re already struggling to cope with the strain on healthcare.”

Alexei Kudrin, a former finance minister called last week for the strict rules that limit spending from the US$165bil wealth fund, the liquid chunk of Russia’s reserves, to be altered to free up money.

He said a mechanism needed to be created to distribute support directly to people. Sergei Guriev, the former chief economist at the European Bank for Reconstruction and Development, said Russia should be spending around 10% of GDP. — Bloomberg

KUALA LUMPUR: Sekurang-kurangnya 25 juta pekerjaan di peringkat global termasuk 11.2 juta di rantau Asia Pasifik berisiko hilang susulan kemerosotan permintaan mendadak bagi perjalanan udara akibat krisis penularan COVID-19.

Ketika memberi amaran itu hari ini, Persatuan Pengangkutan Udara Antarabangsa (IATA) berkata syarikat-syarikat penerbangan turut meminta kerajaan masing-masing menyalurkan bantuan kewangan segera untuk membolehkan perniagaan kekal bertahan dan mampu pulih selepas pandemik itu dapat dibendung.

Malah, IATA secara khususnya turut menggesa supaya bantuan dalam bentuk sokongan secara langsung disalurkan selain pinjaman, jaminan pembiayaan dan sokongan terhadap pasaran bon korporat serta pengecualian cukai.

"Tiada perkataan yang sesuai untuk menggambarkan betapa meruncingnya impak COVID-19 terhadap industri penerbangan. Malah, kesukaran ekonomi itu akan dikongsi oleh 25 juta pekerja yang bergantung hidup dengan syarikat penerbangan.

"Ia sepatutnya menjadi perniagaan yang berdaya maju agar dapat kembali pulih selepas COVID-19 dapat dibendung. Bantuan terhadap syarikat penerbangan adalah sesuatu yang kritikal pada masa ini," kata Ketua Pengarah merangkap Ketua Pegawai Eksekutif IATA Alexandre de Juniac dalam satu kenyataan.

Menurutnya, selain bantuan kewangan utama, industri itu juga perlu melakukan perancangan dan penyelarasan secara terperinci bagi memastikan syarikat-syarikat penerbangan benar-benar bersedia untuk beroperasi apabila COVID-19 itu dapat dikekang.

"Kita tidak pernah menjangkakan industri ini akan mengalami impak sedemikian besar. Kita juga tiada pengalaman untuk membantunya bangkit semula. Keadaan akan menjadi sukar. Dari segi praktikalnya, kita memerlukan pelan luar jangka untuk tujuan lesen dan pensijlan yang mungkin telah tamat," katanya.

Industri juga perlu melaksanakan operasi dan proses bagi mengelak kemungkinan jangkitan semula virus itu menerusi kes yang diimport.

"Kita juga perlu mengenal pasti pendekatan yang berkesan untuk menguruskan sekatan perjalanan yang perlu ditarik balik sebelum dapat menyambung semula kerja-kerja. Ini adalah antara beberapa cabaran utama yang menanti kita. Bagi memastikan kejayaannya, pihak industri dan kerajaan perlukan pelarasan dan saling bekerjsama," kata de Juniac.

Di peringkat global misalnya, kehidupan 65.5 juta orang bergantung dengan industri penerbangan, termasuk sektor seperti pengembaraan dan pelancongan dan daripada jumlah itu turut membabitkan 2.7 juta pekerjaan dalam syarikat penerbangan.

Dalam keadaan sekatan perjalanan serius selama tiga bulan, penyelidikan IATA menunjukkan bahawa kira-kira 25 juta pekerjaan bidang penerbangan dan sektor berkaitannya di seluruh dunia kini berisiko selain Asia Pasifik manakala 5.6 juta pekerjaan di Eropah, Amerika Selatan (2.9 juta), masing-masing 2 juta di Amerika Utara dan Afrika serta 0.9 juta di Timur Tengah.

Malah, dalah senario sama, syarikat-syarikat penerbangan dijangka menyaksikan hasil penumpang bagi tahun penuh merosot sebanyak US$252 bilion (US$1 = RM4.34) (- 44 peratus) pada 2020 berbanding 2019.

Menurut badan global itu, tempoh suku kedua (2020) adalah yang paling kritikal apabila permintaan merosot 70 peratus yang merupakan paras terburuknya selain kerugian tunai sebanyak US$61 bilion.

IATA yang mewakili kira-kira 290 syarikat penerbangan merangkumi 82 peratus aliran udara global, turut menumpukan aspek pendekatan komprehensif bagi pemulihan industri itu selepas dibenarkan untuk berbuat demikian oleh pihak kerajaan serta pihak kesihatan umum.

Malah, pendekatan bersifat pelbagai pihak berkepentingan juga dilihat sebagai amat penting, katanya.

"Kita tidak menjangkakan dapat mengembangkan semula industri sama yang terpaksa ditutup beberapa minggu lepas. (Namun) syarikat penerbangan ini masih diperlukan untuk menghubungkan dunia dan kita akan melaksanakannya menerusi pelbagai model perniagaan.

"Proses industri itu adalah sesuatu yang perlu dilaksanakan. Kita perlu melakukannya secara pantas dan tidak mahu mengulangi kesilapan selepas kejadian 11 September, 2001 apabila banyak proses baharu dilaksanakan tanpa penyelarasan.

"Akibatnya, kita mengalami banyak masalah yang sehingga kini masih dalam proses diselesaikan. Sebanyak 25 juta orang yang pekerjaan mereka berisiko akibat krisis sekarang, akan bergantung kepada sejauh mana industri ini dapat dihidupkan semula secara lebih berkesan," kata de Juniac.

KUALA LUMPUR: Sekurang-kurangnya 25 juta pekerjaan di peringkat global termasuk 11.2 juta di rantau Asia Pasifik berisiko hilang susulan kemerosotan permintaan mendadak bagi perjalanan udara akibat krisis penularan COVID-19.

Ketika memberi amaran itu hari ini, Persatuan Pengangkutan Udara Antarabangsa (IATA) berkata syarikat-syarikat penerbangan turut meminta kerajaan masing-masing menyalurkan bantuan kewangan segera untuk membolehkan perniagaan kekal bertahan dan mampu pulih selepas pandemik itu dapat dibendung.

Malah, IATA secara khususnya turut menggesa supaya bantuan dalam bentuk sokongan secara langsung disalurkan selain pinjaman, jaminan pembiayaan dan sokongan terhadap pasaran bon korporat serta pengecualian cukai.

"Tiada perkataan yang sesuai untuk menggambarkan betapa meruncingnya impak COVID-19 terhadap industri penerbangan. Malah, kesukaran ekonomi itu akan dikongsi oleh 25 juta pekerja yang bergantung hidup dengan syarikat penerbangan.

"Ia sepatutnya menjadi perniagaan yang berdaya maju agar dapat kembali pulih selepas COVID-19 dapat dibendung. Bantuan terhadap syarikat penerbangan adalah sesuatu yang kritikal pada masa ini," kata Ketua Pengarah merangkap Ketua Pegawai Eksekutif IATA Alexandre de Juniac dalam satu kenyataan.

Menurutnya, selain bantuan kewangan utama, industri itu juga perlu melakukan perancangan dan penyelarasan secara terperinci bagi memastikan syarikat-syarikat penerbangan benar-benar bersedia untuk beroperasi apabila COVID-19 itu dapat dikekang.

"Kita tidak pernah menjangkakan industri ini akan mengalami impak sedemikian besar. Kita juga tiada pengalaman untuk membantunya bangkit semula. Keadaan akan menjadi sukar. Dari segi praktikalnya, kita memerlukan pelan luar jangka untuk tujuan lesen dan pensijlan yang mungkin telah tamat," katanya.

Industri juga perlu melaksanakan operasi dan proses bagi mengelak kemungkinan jangkitan semula virus itu menerusi kes yang diimport.

"Kita juga perlu mengenal pasti pendekatan yang berkesan untuk menguruskan sekatan perjalanan yang perlu ditarik balik sebelum dapat menyambung semula kerja-kerja. Ini adalah antara beberapa cabaran utama yang menanti kita. Bagi memastikan kejayaannya, pihak industri dan kerajaan perlukan pelarasan dan saling bekerjsama," kata de Juniac.

Di peringkat global misalnya, kehidupan 65.5 juta orang bergantung dengan industri penerbangan, termasuk sektor seperti pengembaraan dan pelancongan dan daripada jumlah itu turut membabitkan 2.7 juta pekerjaan dalam syarikat penerbangan.

Dalam keadaan sekatan perjalanan serius selama tiga bulan, penyelidikan IATA menunjukkan bahawa kira-kira 25 juta pekerjaan bidang penerbangan dan sektor berkaitannya di seluruh dunia kini berisiko selain Asia Pasifik manakala 5.6 juta pekerjaan di Eropah, Amerika Selatan (2.9 juta), masing-masing 2 juta di Amerika Utara dan Afrika serta 0.9 juta di Timur Tengah.

Malah, dalah senario sama, syarikat-syarikat penerbangan dijangka menyaksikan hasil penumpang bagi tahun penuh merosot sebanyak US$252 bilion (US$1 = RM4.34) (- 44 peratus) pada 2020 berbanding 2019.

Menurut badan global itu, tempoh suku kedua (2020) adalah yang paling kritikal apabila permintaan merosot 70 peratus yang merupakan paras terburuknya selain kerugian tunai sebanyak US$61 bilion.

IATA yang mewakili kira-kira 290 syarikat penerbangan merangkumi 82 peratus aliran udara global, turut menumpukan aspek pendekatan komprehensif bagi pemulihan industri itu selepas dibenarkan untuk berbuat demikian oleh pihak kerajaan serta pihak kesihatan umum.

Malah, pendekatan bersifat pelbagai pihak berkepentingan juga dilihat sebagai amat penting, katanya.

"Kita tidak menjangkakan dapat mengembangkan semula industri sama yang terpaksa ditutup beberapa minggu lepas. (Namun) syarikat penerbangan ini masih diperlukan untuk menghubungkan dunia dan kita akan melaksanakannya menerusi pelbagai model perniagaan.

"Proses industri itu adalah sesuatu yang perlu dilaksanakan. Kita perlu melakukannya secara pantas dan tidak mahu mengulangi kesilapan selepas kejadian 11 September, 2001 apabila banyak proses baharu dilaksanakan tanpa penyelarasan.

"Akibatnya, kita mengalami banyak masalah yang sehingga kini masih dalam proses diselesaikan. Sebanyak 25 juta orang yang pekerjaan mereka berisiko akibat krisis sekarang, akan bergantung kepada sejauh mana industri ini dapat dihidupkan semula secara lebih berkesan," kata de Juniac.

KUALA LUMPUR: Sekurang-kurangnya 25 juta pekerjaan di peringkat global termasuk 11.2 juta di rantau Asia Pasifik berisiko hilang susulan kemerosotan permintaan mendadak bagi perjalanan udara akibat krisis penularan COVID-19.

Ketika memberi amaran itu hari ini, Persatuan Pengangkutan Udara Antarabangsa (IATA) berkata syarikat-syarikat penerbangan turut meminta kerajaan masing-masing menyalurkan bantuan kewangan segera untuk membolehkan perniagaan kekal bertahan dan mampu pulih selepas pandemik itu dapat dibendung.

Malah, IATA secara khususnya turut menggesa supaya bantuan dalam bentuk sokongan secara langsung disalurkan selain pinjaman, jaminan pembiayaan dan sokongan terhadap pasaran bon korporat serta pengecualian cukai.

"Tiada perkataan yang sesuai untuk menggambarkan betapa meruncingnya impak COVID-19 terhadap industri penerbangan. Malah, kesukaran ekonomi itu akan dikongsi oleh 25 juta pekerja yang bergantung hidup dengan syarikat penerbangan.

"Ia sepatutnya menjadi perniagaan yang berdaya maju agar dapat kembali pulih selepas COVID-19 dapat dibendung. Bantuan terhadap syarikat penerbangan adalah sesuatu yang kritikal pada masa ini," kata Ketua Pengarah merangkap Ketua Pegawai Eksekutif IATA Alexandre de Juniac dalam satu kenyataan.

Menurutnya, selain bantuan kewangan utama, industri itu juga perlu melakukan perancangan dan penyelarasan secara terperinci bagi memastikan syarikat-syarikat penerbangan benar-benar bersedia untuk beroperasi apabila COVID-19 itu dapat dikekang.

"Kita tidak pernah menjangkakan industri ini akan mengalami impak sedemikian besar. Kita juga tiada pengalaman untuk membantunya bangkit semula. Keadaan akan menjadi sukar. Dari segi praktikalnya, kita memerlukan pelan luar jangka untuk tujuan lesen dan pensijlan yang mungkin telah tamat," katanya.

Industri juga perlu melaksanakan operasi dan proses bagi mengelak kemungkinan jangkitan semula virus itu menerusi kes yang diimport.

"Kita juga perlu mengenal pasti pendekatan yang berkesan untuk menguruskan sekatan perjalanan yang perlu ditarik balik sebelum dapat menyambung semula kerja-kerja. Ini adalah antara beberapa cabaran utama yang menanti kita. Bagi memastikan kejayaannya, pihak industri dan kerajaan perlukan pelarasan dan saling bekerjsama," kata de Juniac.

Di peringkat global misalnya, kehidupan 65.5 juta orang bergantung dengan industri penerbangan, termasuk sektor seperti pengembaraan dan pelancongan dan daripada jumlah itu turut membabitkan 2.7 juta pekerjaan dalam syarikat penerbangan.

Dalam keadaan sekatan perjalanan serius selama tiga bulan, penyelidikan IATA menunjukkan bahawa kira-kira 25 juta pekerjaan bidang penerbangan dan sektor berkaitannya di seluruh dunia kini berisiko selain Asia Pasifik manakala 5.6 juta pekerjaan di Eropah, Amerika Selatan (2.9 juta), masing-masing 2 juta di Amerika Utara dan Afrika serta 0.9 juta di Timur Tengah.

Malah, dalah senario sama, syarikat-syarikat penerbangan dijangka menyaksikan hasil penumpang bagi tahun penuh merosot sebanyak US$252 bilion (US$1 = RM4.34) (- 44 peratus) pada 2020 berbanding 2019.

Menurut badan global itu, tempoh suku kedua (2020) adalah yang paling kritikal apabila permintaan merosot 70 peratus yang merupakan paras terburuknya selain kerugian tunai sebanyak US$61 bilion.

IATA yang mewakili kira-kira 290 syarikat penerbangan merangkumi 82 peratus aliran udara global, turut menumpukan aspek pendekatan komprehensif bagi pemulihan industri itu selepas dibenarkan untuk berbuat demikian oleh pihak kerajaan serta pihak kesihatan umum.

Malah, pendekatan bersifat pelbagai pihak berkepentingan juga dilihat sebagai amat penting, katanya.

"Kita tidak menjangkakan dapat mengembangkan semula industri sama yang terpaksa ditutup beberapa minggu lepas. (Namun) syarikat penerbangan ini masih diperlukan untuk menghubungkan dunia dan kita akan melaksanakannya menerusi pelbagai model perniagaan.

"Proses industri itu adalah sesuatu yang perlu dilaksanakan. Kita perlu melakukannya secara pantas dan tidak mahu mengulangi kesilapan selepas kejadian 11 September, 2001 apabila banyak proses baharu dilaksanakan tanpa penyelarasan.

"Akibatnya, kita mengalami banyak masalah yang sehingga kini masih dalam proses diselesaikan. Sebanyak 25 juta orang yang pekerjaan mereka berisiko akibat krisis sekarang, akan bergantung kepada sejauh mana industri ini dapat dihidupkan semula secara lebih berkesan," kata de Juniac.

Demand vs Supply