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[SMM Steel Market Morning News] OPEC + production reduction Agreement is implemented in three rounds, with the first round of production reduction to 10 million barrels per day.
Apr 10,2020 08:58CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

Friday, 10 April 2020

Breakfast news

 

Rising factor

1. The OPEC + production reduction agreement is implemented in three rounds, with the first round of production reduction of 10 million barrels per day.

OPEC + confirmed that it would cut production by 10 million barrels per day from May 1, 2020 for a period of two months, 8 million barrels per day from July to December, and 6 million barrels per day from January to April 2022, according to the OPEC + statement.

2. Ministry of Commerce: automobile enterprises have resumed work and production in an all-round way

The Ministry of Commerce said that as the situation of domestic prevention and control of the epidemic continues to improve, automobile enterprises have fully resumed work and production, and market demand has rebounded steadily.

3. Major projects of new infrastructure "assembly" have been launched one after another in various localities.

Local steady investment is speeding up the development of new infrastructure. Since April, Chongqing, Guizhou, Hunan and other places have concentrated on a number of new infrastructure projects. New infrastructure project banks or investment plans have also been released in Anhui, Guangdong, Zhejiang, Shandong and other places. 5G, big data centers, artificial intelligence and other areas have become the focus of investment.

Falling factor

1. The International Monetary Fund: the worst recession in the global economy since the Great Depression in 2020

The IMF expects the world economy to experience its worst recession since the Great Depression in 2020 and expects more than 170 countries to experience negative GDP growth this year. The Council has approved a doubling of the size of the Emergency Fund to $100 billion.

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