In parting shot, John Kerry tears into Israel over settlements

Berlin, Mar 28: The number of confirmed coronavirus infections worldwide topped 600,000 on Saturday as new cases stacked up quickly in Europe and the United States and officials dug in for a long fight against the pandemic.

The latest landmark came only two days after the world passed half a million infections, according to a tally by John Hopkins University, showing that much work remains to be done to slow the spread of the virus. It showed more than 602,000 cases and a total of over 27,000 deaths.

While the U.S. now leads the world in reported infections — with more than 104,000 cases — five countries exceed its roughly 1,700 deaths: Italy, Spain, China, Iran and France.

“We cannot completely prevent infections at this stage, but we can and must in the immediate future achieve fewer new infections per day, a slower spread,” German Chancellor Angela Merkel, who is in quarantine at home after her doctor tested positive for the virus, told her compatriots in an audio message. “That will decide whether our health system can stand up to the virus.”

The virus already has put health systems in Italy, Spain and France under extreme strain. Lockdowns of varying severity have been introduced across Europe. Merkel's chief of staff, Helge Braun, said that Germany — where authorities closed nonessential shops and banned gatherings of more than two in public — won't relax its restrictions before April 20.

As the epicenter has shifted westward, the situation has calmed in China, where some restrictions on people's lives have now been lifted. Six subway lines restored limited service in Wuhan, where the virus first emerged in December, after the city had its official coronavirus risk evaluation downgraded from high to medium on Friday. Five districts of the city of 11 million people had other restrictions on travel loosened after their risk factor was downgraded to low.

For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. But for others, especially older adults and people with existing health problems, the virus can cause more severe illness, including pneumonia, and lead to death.

More than 130,000 people have recovered, according to Johns Hopkins' tally.

In one way or another, the effects of the COVID-19 outbreak have been felt by the powerful and the poor alike.

On Friday, British Prime Minister Boris Johnson became the first leader of a major country to test positive for the virus. He said he would continue to work from self-quarantine.

Countries are still scrambling bring home some citizens stranded abroad by border closures and a near-shutdown of flights. On Saturday, 174 foreign tourists and four Nepali nationals on the foothills of Mount Everest were flown out days after being stranded on the only airstrip serving the world's highest mountain.

In neighboring India, authorities sent a fleet of buses to the outskirts of the capital to meet an exodus of migrant workers desperately trying to reach their home villages during the world's largest lockdown.

Thousands of people, mostly young male day laborers but also families, had fled their New Delhi homes after Prime Minister Narendra Modi announced a 21-day lockdown that began on Wednesday and effectively put millions of Indians who live off daily earnings out of work.

In a possibly hopeful sign, the U.S. Food and Drug Administration cleared a new rapid test from Abbott Laboratories, which the company says can detect the coronavirus in about 5 minutes. Medical device maker Abbott announced the emergency clearance of its cartridge-based test Friday night, saying the test delivers a negative result in 13 minutes when the virus is not detected.

While New York remained the worst-hit city in the U.S., Americans braced for worsening conditions elsewhere, with worrisome infection numbers being reported in New Orleans, Chicago and Detroit.

New Orleans’ sprawling Ernest N. Morial Convention Center, along the Mississippi River, was being converted into a massive hospital as officials prepared for thousands more patients than they could accommodate.

In New York, where there are more than 44,000 cases statewide, the number of people hospitalized with COVID-19 passed 6,000 on Friday, double what it had been three days earlier.

Gov. Andrew Cuomo called for 4,000 more temporary beds across New York City, where the Jacob K. Javits Convention Center has already been converted into a hospital.

The struggle to defeat the virus will take “weeks and weeks and weeks,” Cuomo told members of the National Guard working at the Javits Center.

President Donald Trump invoked the Defense Production Act on Friday, ordering General Motors to begin manufacturing ventilators. Trump had previously rejected Cuomo's pleas for tens of thousands more of the machines and the governor's calls to implement the Korean War-era production law.

Trump signed a $2.2 trillion stimulus package, after the House approved the sweeping measure by voice vote. Lawmakers in both parties lined up behind the law to send checks to millions of Americans, boost unemployment benefits, help businesses and toss a life preserver to an overwhelmed health care system.

Dr. John Brooks of the U.S. Centers for Disease Control and Prevention warned Americans remained “in the acceleration phase” of the pandemic and that all corners of the country were at risk.

"There is no geographic part of the United States that is spared from this," he said.

Moscow, Jun 7: OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.

The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Those cuts were due to taper to 7.7 million bpd from July to December.

“Demand is returning as big oil-consuming economies emerge from pandemic lockdown. But we are not out of the woods yet and challenges ahead remain,” Saudi Energy Minister Prince Abdulaziz bin Salman told the video conference of OPEC+ ministers.

Benchmark Brent crude climbed to a three-month high on Friday above $42 a barrel, after diving below $20 in April. Prices still remain a third lower than at the end of 2019.

“Prices can be expected to be strong from Monday, keeping their $40 plus levels,” said Bjornar Tonhaugen from Rystad Energy.

Saudi Arabia, OPEC’s de facto leader, and Russia have to perform a balancing act of pushing up oil prices to meet their budget needs while not driving them much above $50 a barrel to avoid encouraging a resurgence of rival U.S. shale production.

It was not immediately clear whether Saudi Arabia, the United Arab Emirates and Kuwait would extend beyond June their additional, voluntary cuts of 1.18 million bpd, which are not part of the deal.

BULGING INVENTORIES

The April deal was agreed under pressure from U.S. President Donald Trump, who wants to avoid U.S. oil industry bankruptcies.

Trump, who previously threatened to pull U.S. troops out of Saudi Arabia if Riyadh did not act, spoke to the Russian and Saudi leaders before Saturday’s talks, saying he was happy with the price recovery.

While oil prices have partially recovered, they are still well below the costs of most U.S. shale producers. Shutdowns, layoffs and cost cutting continue across the United States.

“I applaud OPEC-plus for reaching an important agreement today which comes at a pivotal time as oil demand continues to recover and economies reopen around the world,” U.S. Energy Secretary Dan Brouillette wrote on Twitter after the extension.

As global lockdowns ease, oil demand is expected to exceed supply sometime in July but OPEC has yet to clear 1 billion barrels of excess oil inventories accumulated since March.

Rystad’s Tonhaugen said Saturday’s decisions would help OPEC reduce inventories at a rate of 3 million to 4 million bpd in July-August. “The quicker stocks fall, the higher prices will get,” he said.

Nigeria’s petroleum ministry said Abuja backed the idea of compensating for its excessive output in May and June.

Iraq, with one of the worst compliance rates in May, agreed to extra cuts although it was not clear how Baghdad would reach agreement with oil majors on curbing Iraqi output.

Iraq produced 520,000 bpd above its quota in May, while overproduction by Nigeria was 120,000 bpd, Angola’s was 130,000 bpd, Kazakhstan’s was 180,000 bpd and Russia’s was 100,000 bpd, OPEC+ data showed.

OPEC+’s joint ministerial monitoring committee, known as the JMMC, will meet monthly until December to review the market, compliance and recommend levels of cuts. JMMC’s next meeting is scheduled for June 18.

OPEC and OPEC+ will hold their next scheduled meetings on Nov. 30-Dec. 1.