Why it matters: Ominous forecasts about the impact of climate change serve as the backdrop for the world — led by U.S. lawmakers and companies — to debate big action on the problem, which could upend energy systems and our way of life.
President Trump inched closer to supporting tariffs on oil imports on Saturday as one way to help the industry in historic turmoil over rock-bottom prices.
Why it matters: More than 70 oil companies could go bankrupt in the coming months, consultancy Rystad Energy said Friday, if U.S. oil prices are around $30 a barrel — which is above where they’ve been lately.
A pivotal Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia, the leading players in the OPEC+ group.
Why it matters: Travel and economic freezes from COVID-19 are causing an unprecedented drop in oil demand that has caused prices to crater.