Week In Review: How Trump's Policies Moved Stocks - Saturday, April 4

Trump "expects and hopes" Saudis, Russia agree to cut oil production by 10M barrels or "as high as 15 million barrels"

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump and his administration with this weekly recap compiled by The Fly:

1. OIL PRODUCTION CUT: On Thursday, President Trump said via Twitter that, "Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!"

Later that day, the President added that a cut ".....Could be as high as 15 Million Barrels. Good (GREAT) news for everyone!"

On Friday, Bloomberg reported that Russian President Vladimir Putin said his country is prepared to take part in oil production cuts along with Saudi Arabia and other major producers. "We are ready to reach terms with partners within the framework of OPEC+ and are ready to cooperate with the United States on this issue," Putin said on Friday during a video conference, according to Bloomberg. "I believe that it is necessary to combine efforts in order to balance the market and reduce output," he added. Russia sees a reduction in global oil production of about 10M barrels a day as possible, and is ready to participate in this "on a partnership" basis, according to Putin.

Publicly traded oil and gas companies include ExxonMobil (XOM), Chevron (CVX), Noble Energy (NBL), Cimarex Energy (XEC), Diamondback Energy (FANG), Royal Dutch Shell (RDS-A), RDS-B), Devon Energy (DVN), BP (BP), ConocoPhillips (COP) and Marathon Oil (MRO).

2. SBA RELIEF PACKAGE: The fees that banks can gather on emergency loans being offered to small businesses in the U.S due to the coronavirus pandemic stand to be in the billions, according to the Financial Times. Under the $2T relief package signed into law by Donald Trump last week, the Small Business Administration will offer the loans through banks and credit unions to cash-strapped businesses employing under 500 people, the publication added.

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