amrita: that is the idea.s going to make them lower prices for over a year or a year and a half given the amount of inventories they are building, but the hope is the and-term that the low cost will export higher volumes at a higher price. non-opec supplies right now, we down close to 2 million barrels a day next year and even more in 2022. the gap has to be filled by opec and russia. francine: let's get straight to the bloomberg first word news. viviana: we begin with u.s. senate turning to the giant coronavirus relief bill that could cost $1.3 billion, including checks to american households and aid to the airline industry. signingy, donald trump into law the second bill for paid sick leave and coronavirus testing. extraordinary times require extraordinary action, according to christine lagarde. the ecb launching a bond buying program worth $20 billion in the latest attempt to calm the markets. yields plummeting. willew york stock exchange temporarily shut its trading floor on monday. flooron who works on th

amrita: the pain is unbelievable.lready extremely difficult to get growth because low,tural gas prices so and producers were in a lot of pain. right now, already a couple of companies have said they will not complete a lot of wells. our production numbers could easily be have to -- could easily be halved. we think u.s. production could fall by one million barrels a day. alix: and is that going to be production that is done, as in these companies go bankrupt? or is it set on the side that can pick back up? amrita: i think because there is very little lending going on, probably that will just be allowed to let go. i think that's the difference between 2014 or 2016 come up because i think the difference is there was a lot of money interest in the sector. right now, instead. alix: thank you very much for the update. i really appreciate it. in re to send, energy aspects -- amrita sen, energy aspects. still with me on set, dean curnutt of macro risk advisors. how do you look at oil? dean: it's incredibly volatile. i think i

we continue the conversation amrita. is then -- this is bloomberg. ♪ [ fast-paced drumming ] [ fast-paced drumming ] tom: this morning of a pandemic and an oil war. plunges, as last seen in 1991. the virus spreads worldwide. will the united states become like italy? price discoveries in oil -- in order, futures down. 1.01 -- twoens to a a 101 handle. and politics -- michigan, there is an election tomorrow. six states. will the virus lesson turn out? this is "bloomberg surveillance." francine lacqua is in london. it unbelievable what japanese yen and swiss franc are doing. swiss franc is really beginning to get back to the crisis levels of early 2015. francine: 100%. this is definitely traders trying to grapple with panic, selling margin calls. the currency is you are talking about, the swiss franc and yen, with traders that we have been speaking to, i have fantastic notes from people trying to figure out what the range is. not being able to give a precise range adds to fear. we have extra market checks every 10 minutes.

. $20.42 the last trade right now, down 5% on the session joining me on cnbc news line is amrita sen, energy aspects chief oil analyst. i fueled up on my way to work and they are notably lower than the last time i fueled up. how much is demand destruction going to continue to impact the global oil market? >> morning i think you're exactly right demand destruction is going to be huge. it already is. we are expecting almost 16 million barrels decline across the month of april that could rise to 20 billion barrels or higher. >> let's talk about the fact we've seen prices fall precipitously over the course of the last four to six weeks ist continuing a trend that's already been in place, but now the story has changed. what exactly is the main driver right now of oil markets >> the primary driver is absolutely the stopping of the global economy to arrest the spread of the coronavirus. there is a lot of focus on saudi arabia, russia and, you know, the oil price war, but really that increase is a drop in the ocean vessels, the demand we're starting to see in the market. yes, while that is pu

pauline rosenau, professor amrita's at the university of texas.2.7 million members across the u.s.. afl-cio president richard trumka is here to talk about his numbers are dealing with the prone a virus. that is next. this is bloomberg. ♪ david: this is "balance of power." i am david westin. the coronavirus shows every indication it will touch every aspect of american life. one of the keys will be the effect on our workers. --president of the fl ceo the afl-cio, richard trumka represents over 12 million of those workers. how area sense of million workers doing? richard: we are doing like everybody else is. the american people face two threats. they face the threat of a real disease, the coronavirus, and they face the threat of fear, fear that could divide us when we need to come together. every american will be affected by this situation. some more, some less. there are elderly people right now that are in a home that cannot see their loved ones. they will get lonely. there are workers that will get laid off. there are workers that will have to cha