(Reuters Breakingviews) - Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.
LATESTOIL MINISTERS ARE OVERENERGIZED. U.S. Energy Secretary Dan Brouillette and Saudi Minister of Energy Prince Abdulaziz bin Salman Al-Saud donned their cheerleading garb on Monday to gee up the price of black gold. Both said that the global production cuts could end up perhaps twice as high as the headline number agreed to by the Organization of the Petroleum Exporting Countries and others over the weekend.
IS FORD MOTOR HEADING BACK TO ITS MORTGAGE BROKERS? The Motown automaker said on Monday that it reckons its $30 billion in cash would last at least to the end of September, even if it can’t get its factories up and running again. Breakingviews had estimated as much last month. The company will also “opportunistically assess” raising money before then, Chief Financial Officer Tim Stone said on Monday.
TRUMP MAY PAY FOR MEXICO’S OIL-PRODUCTION WALL. Mexico’s president, Andres Manuel Lopez Obrador, known as AMLO, scored a short-term win in the weekend’s production-cutting deal between the Organization of the Petroleum Exporting Countries and others. The cartel wanted the Latin American nation to cut 400,000 barrels a day, according to AMLO, around 23% of current output, later reducing the demand to 350,000 bpd.
FOOD MAKERS GO FROM FEAST TO FAMINE. Covid-19 has brought disruption for companies that keep Americans fed, but with widely different results. Consider the effect on meat supply as the disease ravages workforces. Cargill and Smithfield Foods are among those that have closed plants, leading to fear of shortages.
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