Coronavirus economic updates: OPEC and allies reach 'historic' deal to cut oil production

Posted By: Staff
April 13, 2020 @ 10:45 am
ABC Business

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Kameleon007/iStock(NEW YORK) — The coronavirus pandemic has quickly evolved from a health care crisis to a financial one, shuttering businesses, upending industries and sending financial markets reeling.

Here’s the latest news on how the COVID-19 crisis is affecting the economy. For more on financial resources available during the pandemic, click here.

Here’s how the day is unfolding. Please refresh for updates.

Amazon hiring an additional 75,000 associates

Amazon announced Monday that it fulfilled its March 16 pledge to hire 100,000 associates amid the coronavirus pandemic, and is now looking to hire 75,000 more workers as the outbreak has led to a surge in demand for delivery services.

The jobs are at sites across the country, and information on how to apply is available on Amazon’s website.

“We also continue to invest in pay increases and previously expected to spend $350 million to increase wages during this unprecedented time — we now expect that to be over $500 million,” the company said in a statement.

The online retail giant added that it will “continue to invest in safety, pay, and benefits for our teams who are playing an invaluable role in getting items to communities around the world.”

In late March, a group of workers at an Amazon warehouse in New York City walked off the job, demanding that Amazon do more to protect employees amid the COVID-19 outbreak.

The hiring announcement comes as unemployment claims skyrocket as nonessential businesses across the country are forced to close.

Russia and OPEC reach ‘historic’ deal to cut oil production

On Sunday night, leaders from Russia, Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) announced a production cut of nearly 10 million barrels a day in hopes it would end an ongoing oil price war as oil consumption has plummeted worldwide amid the coronavirus pandemic.

U.S. Energy Secretary Dan Brouillette in a tweet called it a “historic deal” that will end “a price war that has caused unprecedented uncertainty in global oil markets.”

“While the demand disruption caused by #COVID19 and the price war have greatly harmed the industry, I am confident it will soon bounce back stronger than ever before,” Brouillette added.

President Donald Trump tweeted that the deal “will save hundreds of thousands of energy jobs in the United States.”

The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!

— Donald J. Trump (@realDonaldTrump) April 12, 2020