Archives of “April 15, 2020” day

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Saudi Aramco reportedly offers struggling refiners option to defer crude payments Wed 15 Apr 2020 11:12:54 GMT

  
  Analysis

Reuters reports on the matter

Oil

The report says that Aramco has offered oil refiners in Asia and Europe the option to defer payments for crude cargo deliveries by up to 90 days, amid the struggle with the collapse in demand in the oil market.

The credit terms are said to be offered through unnamed Saudi banks, with sources revealing that they have been offered to at least four refiners in Asia and Europe.
Amid the output cuts agreed over the weekend, this looks like Saudi Arabia’s attempt to try and sweeten terms for crude deliveries in order to bolster its market share.

IEA says there is no feasible agreement that could cut oil supply by enough to offset demand losses

  
Analysis, Crude
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Comments by IEA chief, Fatih Birol

  • April may be seen as the worst month ever
  • We may look back and say that April will be known as ‘Black April’ in the oil market
The risk mood continues to sour further after the IEA report, with oil prices threatening a firm break below the $20 level now.
Price is flirting with a drop below the 30 March low at 19.27 and as mentioned earlier, the drop in oil may be enough to set off a further wave of risk aversion in the market.

The world will need more than one coronavirus vaccine, says GSK CEO

  
  Analysis

GlaxoSmithKline CEO, Emma Walmsley, says that more than one vaccine will be needed considering the demand in this global crisis

Walmsley says that drug companies must partner in the race to develop a vaccine for the coronavirus as “the world’s going to need more than one vaccine when you think about demand in this hugely challenged global health crisis”.

For some context, GSK is partnering with Sanofii to try and achieve that but Walmsley says that “there is still an enormous amount of work to do”. In trying to manage expectations, she adds that “it normally takes a decade but in this situation, the need is urgent”.
In any case, what she is mentioning isn’t exactly wrong. The rush in getting to a vaccine in itself is a massive challenge, and even if we do see that day come, how widely available is it going to be and can it be easily accessible by the public like your typical flu shot?
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