Another ‘skinny’ coronavirus relief bill on tap, OPEC cuts 2021 oil demand forecast again, and more

The Senate will vote next week on a roughly $500 billion COVID-19 relief package that mirrors an earlier Republican proposal, Majority Leader Mitch McConnell announced Tuesday.

The decision to push another “skinny” relief bill marked a new attempt to jump-start negotiations that have been stalled for months over the size and shape of the next round of economic aid for the pandemic.

World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said on Tuesday, adding to headwinds faced by the group and its allies in balancing the market.

Demand will rise by 6.54 million barrels per day(bpd) next year to 96.84 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report. The growth forecast is 80,000 bpd less than expected a month ago.

Tens of thousands of US oil & gas workers have been laid off since March, when the coronavirus pandemic began reducing global oil demand — and most of those jobs are unlikely to return, according to a Deloitte Consulting report.

Yet the downturn has given new impetus for fossil-fuel companies and workers to reposition, with the energy transition presenting a tremendous opportunity, the consultancy says.

The proposed resolution was adopted with 65 votes in favour, 15 against and 3 abstentions, according to voting results made available on Tuesday.

The Parliament’s two lead committees, for economic and budgetary affairs, will vote on the proposed EU recovery fund in early November, with a final vote expected during a plenary session by mid-November.