This morning is bringing fresh and stark signs of how economic contraction from COVID-19 is crushing the oil market and forcing companies to cut back.
The big picture: The price collapse stems from COVID-19 freezing a significant amount of travel and economic activity, and the collapse of the Saudi-Russia agreement to limit production.
One complicated dimension of the unfolding coronavirus tragedy is what it ultimately means for carbon emissions in China, by far the world's largest greenhouse gas emitter.
Driving the news: A Rhodium Group analysis shows China's emissions grew by another 2.6% last year.
Most Asian central banks and other monetary facilities say finance into low-carbon areas is important — but most have also not issued any policies on the matter.
Coronavirus isn’t just wreaking havoc on our health, livelihoods and economies, it’s now poised to feed Middle East unrest and, possibly, terrorism.
The big picture: The oil-rich region is being ravaged by the novel coronavirus and low oil prices that have dropped even more due to the pandemic cutting off global demand and a related price war between Saudi Arabia and Russia.
ExxonMobil, citing an "unprecedented environment," said last night that it plans to "significantly" cut spending in light of the coronavirus and the collapse in oil prices.
Why it matters: The oil giant's announcement is the latest sign of how deeply the upended market is affecting the sector.
A group of Republican senators is slated to meet with the Saudi ambassador to the U.S. tomorrow to make the case that the kingdom should back off plans to flood the market with low-price crude.
Driving the news: The meeting hosted by Alaska Sen. Dan Sullivan follows an open letter to Saudi leaders from 13 senators, mostly from oil-producing states, which says "unsettled" energy markets are "unwelcome" amid the COVID-19 crisis.
Social distancing is forcing advocacy movements to adjust their tactics, creating new hurdles for climate activists who use mass protests and on-the-ground organizing as important tools.
Why it matters: Climate change has risen on the political radar in recent years. There are many reasons behind this, including the success of the Greta Thunberg-inspired protests and a burst of confrontational advocacy in the U.S. by the youth-led Sunrise Movement.
