PHOENIX LOSS NOTICE, ROSEN, A GLOBALLY RECOGNIZED FIRM, Announces Filing of Securities Class Action Lawsuit Against Phoenix Tree Holdings Limited; Encourages Investors With Losses In Excess of $100K to Contact the Firm – DNK

NEW YORK, April 30, 2020 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Phoenix Tree Holdings Limited (NYSE: DNK) pursuant and/or traceable to prospectuses and registration statements issued in connection with the Company's January 22, 2020, initial public offering (“IPO”). The lawsuit seeks to recover damages for Phoenix investors under the federal securities laws. To join the Phoenix class action, go to http://www.rosenlegal.com/cases-register-1846.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF. According to the lawsuit, the Offering Materials were materially incomplete and misleading because they omitted and otherwise misrepresented the following facts: (1) Phoenix had received customer complaints and negative press regarding questionable business conduct before the IPO, including its widespread and notorious practice of deceptively inducing renters to procure loans whose proceeds financed the Company’s business and operations; (2) competition in the residential rental market in China had suffered at the time of the IPO as the coronavirus ravaged the very locations where Phoenix primarily operated, including Wuhan, the epicenter of the coronavirus pandemic; (3) Phoenix’s technological capabilities were unable to enable the Company to overcome the complications and erosion of business resulting from the spread of the coronavirus throughout China at the time of the IPO; (4) Phoenix was contending with extraordinarily adverse developments in China at the time of the IPO due to the coronavirus that presented events, risks and uncertainties that were reasonably likely to materially affect Phoenix’s business, operations and financial condition, including a material increase in renter complaints and negative press and the prospect that renters could not continue to pay rent and service fees under conditions then existing as of the IPO; (5) as a result of the foregoing, Phoenix was positioned no differently than its competitors in managing the fallout from customer complaints or adverse implications stemming from the coronavirus in China; and (6) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 26, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1846.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com cases@rosenlegal.com www.rosenlegal.com Related Articles More articles issued by The Rosen Law Firm PA More articles related to: Class Action Company Announcement

Coronavirus outbreak: OPEC, oil nations agree to record-setting oil production cut External link

Saudi Arabia, Russia and the U.S. agreed to lead a multinational coalition in major oil-production cuts after a drop in demand due to the coronavirus crisis and a Saudi-Russian feud devastated oil prices. The deal, sealed Sunday, came after President Trump intervened to help resolve a Saudi-Mexico standoff that jeopardized the broader pact. As part of the agreement, 23 countries committed to collectively withhold 9.7 million barrels a day of oil from global markets. The deal, designed to address a mounting oil glut resulting...

Online Marketplace Liability: The CJEU’s ruling

Although the decision appears on its face to be a positive development for online marketplaces, it is does not definitively resolve questions of liability. On 2 April 2020, the Court of Justice of the European Union (CJEU) delivered its ruling in Coty Germany v Amazon — marking a development for online marketplaces in relation to liability issues. The case had raised the possibility that online marketplaces could be found directly liable for infringing products sold on their platforms. Currently, if a third party sells infringing products, within the EU, on an online marketplace, the online marketplace has (i) no liability if it does not have actual knowledge of the infringement or where it acts promptly to remove the infringing content once it becomes aware of it: and (ii) only secondary liability where it has knowledge and fails to remove the infringing content. The German Federal Court had requested a preliminary ruling on the interpretation of Article 9(3)(b) of the 2017, and Article 9(2)(b) of the now-repealed 2009, Trade Mark Regulations (Council Regulation 2017/1001 and Council Regulation No 207/2009 (as amended by Regulation 2015/2424) respectively) asking: Does a person who, on behalf of a third party, stores goods which infringe trade mark rights, without being aware of that infringement, stock those goods in order to offer them or put them on the market for the purposes of those provisions, if that person does not itself pursue those aims? The CJEU addressed this question by ruling that a person who, “on behalf of a third party, stores goods which infringe trade mark rights, without being aware of that infringement, must be regarded as not stocking those goods in order to offer them or put them on the market for the purposes of those provisions, if that person does not itself pursue those aims” [emphasis authors’ own]. While this ruling, on its face, leads away from the possibility of direct liability for online marketplaces, it is not definitive. The CJEU’s interpretation is subject to national courts’ application of it to specific fact patterns. And, although the CJEU’s judgment takes precedent over the AG’s opinion, it is possible that the national courts may look to the broader and more analytical opinion of Advocat General M. Manuel Campos Sanchez-Bordona (the AG) when considering issues not addressed in the CJEU judgment. The CJEU only responded to the question regarding the Trade Mark Regulations, as referred to it by the German courts. However the AG also (i) analysed whether Amazon could, correctly, be considered to be acting only as a warehouser and (ii) suggested that online marketplaces may not always rely on the eCommerce Directive safe harbor to avoid direct liability (see client alert below for further details). In applying the CJEU’s interpretation of the Trade Mark Regulations, national courts of Member States could establish liability for online marketplaces, particularly if the national courts apply the AG’s analysis and suggestions. However if a national court does so and finds that online marketplaces must show special care and diligence in matters regarding the legality of the goods which they trade, it is possible that the relevant Member State would be found to be in breach of Article 15 of the eCommerce Directive. Article 15 of the eCommerce Directive prevents Member States from imposing a general obligation on providers, when offering hosting services (as well as caching services and services where it acts as a ‘mere conduit’) from being required to: (i) monitor the information that the providers transmit or store, or (ii) actively seek facts or circumstances indicating illegal activity. In the event of a direct liability regime, it seems the only way for online marketplaces to then ensure infringing products were not placed on their platforms would be to implement monitoring of the platforms. This potential for direct liability and the lack of coherence with the eCommerce Directive mirrors the confusion around the liability of online content sharing service providers under Article 17 of Directive (EU) 2019/790 on Copyright in the Digital Single Market and its alignment with the eCommerce Directive. Both developments raise questions as to whether direct liability for service providers is the intended direction of the Digital Single Market. With regard to Coty Germany v Amazon, the German court’s judgment will hopefully provide some more clarity as, although not binding on other Member States, it is likely to be instructive. For a full client briefing, see Latham’s Client Alert here.

Latest information on ANZ’s COVID-19 response

We’ll help you through this I’m writing to ensure you have the latest information on ANZ’s response to COVID-19 and understand what this means for you and your banking. I want to reassure you that we’re here to help. We’ve announced a range of new support measures to help our small business and home loan customers in Australia who have been affected by the financial impacts of COVID-19, and we're working hard to stay open for business while prioritising the health of our people. For the most up to date information, including full details about these new support measures and how you can apply, please visit anz.com/covid-19. If you’re a small business customer: • You can request a six-month payment deferral on loan repayments for term loans and asset finance, with interest capitalised; • You can request temporary increases in overdraft facilities for 12 months; • We’ve decreased variable interest small business loan rates in Australia by 0.25% p.a., effective 27 March 2020. This represents an overall decrease of 0.5% p.a. since 13 March 2020. If you’re a home loan customer: • If you’re ahead on your repayments, you can access your redraw balance. Other options that might be available to you include making repayments using funds in your linked offset account or other deposits you have available to make loan repayments; • If you don’t have a redraw balance available, you can request to defer home loan repayments for up to six months, with interest capitalised; • We’ve decreased the standard Variable Home Loan rate by 0.15% p.a. effective 27 March 2020. We have also introduced our lowest fixed-rate home loan on record (two-year fixed rate of 2.19% p.a. for owner occupiers paying principal and interest on the ANZ Breakfree package, effective 23 March 2020). If you currently have a standard variable home loan, you may want to consider switching to this historically low rate. We understand you may have questions and we are working hard to help our customers as fast as we can, particularly those who are most vulnerable. As our contact centre is experiencing a high number of calls, the fastest way to apply for COVID-19 assistance is through anz.com/covid-19 and one of our team members will get back to you as soon as they can. We know that many customers are limiting their time away from home and may be unable to visit our branches. Remember you can use the ANZ App and Internet Banking to check your balance, make payments, pay bills and much more. To find out more, visit anz.com.au/ways-to-bank/. My primary focus is now COVID-19 and ensuring we are doing everything possible to support our customers through this. On behalf of the team at ANZ, thank you for your patience and please, take care of yourselves and your loved ones. Kind regards, Shayne Elliott Chief Executive Officer 1. Interest capitalisation is the addition of unpaid interest to the outstanding loan balance. The outstanding loan balance increases when payments are postponed during periods of deferment or forbearance and unpaid interest is capitalised. 2. If you currently have a fixed rate loan (instead of a variable rate loan) and you switch to another fixed rate loan before the end of your current fixed term, you may have to pay an early repayment cost (which can be large and vary in size from day to day).

China acquires Stake in Umm Qasr Terminal

French container transportation and shipping company CMA CGM, has announced the first closing of its agreement with China Merchants Port (CMP), with the sale of its stakes in eight port terminals to Terminal Link. Among the facilities involved is the Umm Qasr Terminal in Iraq. The Terminal Link joint venture was created in 2013 and is 51% owned by CMA CGM and 49% by CMP. In line with the terms and conditions of the agreement announced on 20th December 2019 this first transaction represents a total all-cash consideration of USD 815 million. It will enable Terminal Link to expand its geographic footprint and global network, thereby enhancing its business development prospects. This initial disposal includes the following terminals: Odessa Terminal (Ukraine) CMA CGM PSA Lion Terminal (CPLT), Singapore Kingston Freeport Terminal (Jamaica) Rotterdam World Gateway (Netherlands) Qingdao Qianwan United Advance Container Terminal (China) Vietnam International Container Terminal, Ho Chi Minh City (Vietnam) Laem Chabang International Terminal (Thailand) Umm Qasr Terminal (Iraq) The sale of the last two terminals covered by the agreement between CMA CGM and CMP should be completed by the end of first-half 2020 for an all-cash consideration over USD 150 million, pending approval by the competent regulatory agencies. With this transaction, CMA CGM is proceeding with the delivery of its USD 2.1 billion liquidity plan announced on 25th November 2019. This plan among others reduces CMA CGM consolidated debt by more than USD 1.3 billion by the end of first-half 2020 and allows to extend certain financing facilities maturing during the year. The CMA CGM Group strengthens its balance sheet amidst the high uncertainty created by the global Covid-19 health crisis. While the crisis has had a limited impact in the first quarter of 2020, the Group expects a decline in volumes, particularly outbound to Europe and the United States. On this occasion, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, states: "This transaction, announced on the 20th of December 2019, is an important step in its 2.1 billion USD liquidity plan and will allow us to strengthen our balance sheet. Amid the high uncertainty created by the COVID-19 health crisis, the closing of this transaction as previously announced demonstrates the resilience of the CMA CGM Group." (Source: CMA CGM)

Q&A: How to get aid for a small business hit by virus crisis

NEW YORK — (AP) — Millions of small business owners will be turning to the government, seeking help for an individual and nationwide cataclysm (disaster; a violent upheaval, such as an earthquake; an extensive flood), the economic devastation caused by the coronavirus outbreak. The government says it will begin disbursing loan money to company owners and freelancers Friday under the Paycheck Protection Program, part of the $2 trillion relief package signed into law last week. For many companies, it may be the quickest way to rebuild the lifeblood of any business: the cash flow that enables a company to pay its bills. The program could be vital to the economy's recovery: Small businesses employ about half the workers in the private sector. By some estimates, as many as 20 million people will have lost their jobs by the end of April. Content Continues Below Here are questions and answers about financial help available through the government and other sources: ___ ARE THESE PAYCHECK PROTECTION LOANS FREE? They can be, if they're used to retain or hire workers. Starting Friday, the Small Business Administration is guaranteeing $349 billion in potentially forgivable loans under the rescue package. A business with up to 500 employees, including owners who work solo and freelancers, can borrow up to $10 million to be repaid over two years at an annual rate of 0.5%. The money that's used to pay salaries can be forgiven, and a portion of money used for rent, mortgage interest and/or utilities can be at least partially forgiven. Payments are deferred for six months. You technically could get the full amount of the loan forgiven. But if you cut jobs — say you had 10 employees, let them go, and hired back only five — the amount of loan forgiveness will be reduced, and you'll have to repay some. But a caveat from the government: Because so many owners are expected to take advantage of the loans, it's anticipated that no more than 25% of the forgiven amount may be for things other than payroll — rent, mortgage interest and utilities. So there's a good chance you will have some repayments ahead. You can learn more about the loans at https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp. ___ HOW DO I GET ONE? The government says this will be a fast, streamlined process — some companies could get money the same day, not like the weeks it takes when applying for a traditional SBA loan. You can apply through any federally insured bank, credit union or farm credit system institution, not just a traditional SBA lender. Most businesses are expected to apply online, through a financial institution's website. You don't need collateral or a personal guarantee. But you'll need to document your payroll, rent, mortgage interest and utilities expenses. The payroll portion of the loan is based on the monthly average of what a company paid employees during the year prior to the loan being granted. ___ WHEN WILL MY LOAN BE FORGIVEN? The government will calculate how much of a loan will be forgiven after June 30. The program covers the period from Feb. 15 through June 30 and owners will need to document how many workers they employed during that time and how much they were paid. If you've laid off workers, you have until June 30 to rehire them — but the sooner you rehire and start paying them, the larger your loan forgiveness will be. ___ CAN I GET A DISASTER LOAN TOO? Yes, but ... The SBA is giving out what are called economic injury disaster loans. These are intended to help companies whose revenue losses have left them without working capital, making it difficult or impossible to pay their operating expenses including payroll, fixed debt payments and accounts payable bills. But a company that gets a disaster loan cannot use the money for payroll purposes if it's also getting a paycheck protection loan. The disaster loans give owners up to $2 million at an annual rate of 3.75%. The loans can be taken out for as many as 30 years, but the terms of each loan will be determined on a case-by-case basis and will depend on each company's financial situation. Companies can also apply for a $10,000 loan advance that can be granted within three days, the SBA says. This does not have to be repaid. Disaster loan applications are made directly through the SBA on its website https://covid19relief.sba.gov/ ___ WHAT OTHER MONEY IS AVAILABLE? The Federal Reserve is working on a program to provide loans directly to small businesses. The details have not been announced yet. Individual states, counties and cities may have loans or grants for small businesses. And those that have not yet announced any programs may yet create them — the outbreak has not yet reached its peak. Check online with your state or local agencies that support small businesses. ___ CAN I FREELANCERS GET UNEMPLOYMENT BENEFITS AND A LOAN TOO? Yes. The rescue package provides for unemployment benefits for freelancers and independent contractors who haven't qualified for such help in the past. So millions of people, including wedding photographers, graphic artists and writers, who have lost gigs or projects can get unemployment benefits. They're also eligible for paycheck protection loans — but if they have both types of loans, they cannot use disaster loan money to cover payroll. ___ WHAT ABOUT ONLINE LENDING? Online lenders promise fast money — some turn loans around the same day — and even in the best of times, many companies with cash flow crunches turn to them. But in many cases the money carries a steep interest rate and/or big payments. And unlike traditional loans, the size of a payment may not be predictable — companies like PayPal, for example, will take a percentage of revenue that comes into a borrower's account. Keep in mind that even that even if you end up paying back the full amount you borrow under the Paycheck Protection Program, you'll be paying just 0.5% over two years. ___ HOW ABOUT CONCESSIONS FROM LANDLORDS AND OTHER BUSINESSES? Many small business owners have been in touch with their landlords, bankers and suppliers, asking for more time to pay. And some have gotten concessions, especially when the business and its creditor or banker have a long-time relationship. Any concessions or grace periods you can get, especially if they're interest and penalty-free, may be a good route to go. Landlords and business associates who want to hold on to your business can be accommodating unless they're also struggling with cash flow problems. It's also true that some, perhaps many, are tough business people; some are already suggesting to their tenants and customers that they should seek government loans rather than help from them. ___ THERE'S ALWAYS FAMILY AND FRIENDS, RIGHT? Absolutely. And the people close to you may be ready and willing to help — if they can right now. But, for the sake of keeping these relationships solid, if you get a loan from someone close, you need up-front and honest communication now and going forward about how the business is doing, and when you're likely to repay them. _____ Have an idea for a story about the coronavirus outbreak and business? Email Joyce Rosenberg at jrosenberg@ap.org. Follow her at www.twitter.com/JoyceMRosenberg. Her work can be found here: https://apnews.com. FILE - In this Tuesday, March 31, 2020 file photo, Vincent Amos, who identified himself as homeless, pulls a shopping cart with his belongings amid businesses closed by concerns of the COVID-19 coronavirus in the Deep Ellum section of Dallas. Amos said his shelter in place routine includes walking the area looking for work cleaning windows. (AP Photo/LM Otero) FILE - In this Tuesday, March 31, 2020 file photo, Vincent Amos, who identified himself as homeless, pulls a shopping cart with his belongings amid businesses closed by concerns of the COVID-19 coronavirus in the Deep Ellum section of Dallas. Amos said his shelter in place routine includes walking the area looking for work cleaning windows. (AP Photo/LM Otero) (LM Otero) FILE - In this Monday, March 30, 2020 file photo, Phu Dang, left, the owner of i5 Pho restaurant, gets help from a contractor as he boards up his business in Seattle's downtown Pioneer Square neighborhood. Dang closed his business to dine-in customers earlier in the month and had tried doing takeout only food in response to the COVID-19 coronavirus pandemic, but he said his location did not attract enough customers for take out and he decided to fully close for the time being. He said his decision to board up came after a nearby business was broken into over the weekend. (AP Photo/Ted S. Warren) FILE - In this Monday, March 30, 2020 file photo, Phu Dang, left, the owner of i5 Pho restaurant, gets help from a contractor as he boards up his business in Seattle's downtown Pioneer Square neighborhood. Dang closed his business to dine-in customers earlier in the month and had tried doing takeout only food in response to the COVID-19 coronavirus pandemic, but he said his location did not attract enough customers for take out and he decided to fully close for the time being. He said his decision to board up came after a nearby business was broken into over the weekend. (AP Photo/Ted S. Warren) (Ted S. Warren) The marquee for the Iowa Theater, closed in response to the coronavirus outbreak, is seen on John Wayne Drive, Wednesday, April 1, 2020, in Winterset, Iowa. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Charlie Neibergall) The marquee for the Iowa Theater, closed in response to the coronavirus outbreak, is seen on John Wayne Drive, Wednesday, April 1, 2020, in Winterset, Iowa. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Charlie Neibergall) (Charlie Neibergall) Allison Wells, Butcher and General Manager at Neon Pig, weighs a block of meat in the meat market of Neon Pig on Friday. (Adam Robison/The Northeast Mississippi Daily Journal via AP) Allison Wells, Butcher and General Manager at Neon Pig, weighs a block of meat in the meat market of Neon Pig on Friday. (Adam Robison/The Northeast Mississippi Daily Journal via AP) (Adam Robison)

European markets sink as US coronavirus death toll rises

1 Apr, 2020 07:15 / Updated 6 seconds ago Get short URL European markets sink as US coronavirus death toll rises © Reuters / Ferran Paredes 47 Follow RT onRT European stock markets are falling at the start of trading on Wednesday, beginning the new quarter with fresh losses, as the death toll in the United States from Covid-19 continues to climb. Germany’s DAX plunged by 3.2 percent during early trading, while Spain’s IBEX and Italy’s FTSE MIB are both down 2.2 percent. Britain’s FTSE 100 has dropped by 2.6 percent. The losses are led by shares in Britain’s banks which dropped heavily at the start of trading after they froze last year’s dividends and vowed not to pay any for this year. HSBC has plunged eight percent, followed by Lloyds and Standard Chartered which have both fallen almost six percent. ALSO ON RT.COM Wall Street heads for its worst first quarter ever The markets are reacting to dire warnings from US President Donald Trump of a “very, very painful two weeks” ahead. He said Americans should be prepared for a surge in coronavirus infections and deaths. “This could be a hell of a bad two weeks. This is going to be a very bad two, and maybe three weeks. This is going to be three weeks like we’ve never seen before,” Trump said on Tuesday. White House officials are projecting between 100,000 and 240,000 deaths in the country, with coronavirus fatalities peaking over the next two weeks.

Could oil really fall to $0?

The outlook for US shale continues to darken with WTI testing sub-$20 territory. The supply glut could grow worse as the contraction in demand continues to deepen. On Sunday, President Trump extended the social distancing guidelines through the end of April, retreating from his plan to “open up” the economy by Easter. And before the ink was even dry on the $2 trillion stimulus, Congress has already started preparing the fourth emergency coronavirus legislation. As of now, 193 million people in the US and a staggering 2.3 billion people worldwide are living under some sort of lockdown order, according to Raymond James. In early March, a few forecasters suggested that oil demand may be slightly negative in 2020, dipping by a mere 220,000 bpd. The call was somewhat provocative at the time. By the middle of the month, some forecasters said the demand hit could be as large as 10 million barrels per day (mb/d) in the second quarter. A few days later, another set of analysts put it at 13-14 mb/d. By last week, the IEA warned demand could fall by 20 mb/d. ALSO ON RT.COM Oil recovers from decades' lows as Russia & US agree energy talks The negative revisions could keep on coming. Oil prices dropped sharply during midday trading on Monday. “For us, this is simply reflecting the increasing awareness that oil demand is breaking away, probably by much more than the 20 percent we have currently in our books for April/May,” JBC Energy said. The market has fallen apart rather quickly. Some areas are seeing catastrophically low pricing, including prices dipping into negative territory in areas far from takeaway infrastructure. “Estimates for the demand side are being revised downwards on an almost daily basis, while on the supply side there is still no sign of any reconciliation between Saudi Arabia and Russia,” Commerzbank said in a note on Monday. Analysts are now watching global storage capacity, which could fill up in weeks or months at most. The contango for Brent between May and November has widened to a record $13.45 per barrel, a reflection of the massive short-term glut. ALSO ON RT.COM Oil majors are preparing for $10 oil “The oil market supply chains are broken due to the unbelievably large losses in oil demand, forcing all available alternatives of supply chain adjustments to take place during April and May: Onshore product storage surge, refinery run rate cuts globally, massive increase in floating storage deals and upstream supply shut-ins,” Rystad Energy’s head of Oil Markets Bjornar Tonhaugen said in a statement. Plains All American Pipeline reportedly sent a letter to US oil producers asking them to curtail production, according to Bloomberg, and other pipeline companies are apparently making similar requests. “We are sending this proactive request to our suppliers to ask that you take steps to reduce oil production in response to the pandemic,” Plains said in the letter, according to Bloomberg. Goldman Sachs sees US oil production falling by 1.4 million barrels per day (mb/d) between now and the second quarter of 2020. However, the bank said that declines from lower drilling rates today wouldn’t necessarily translate into lower production until the third quarter of this year. But because the glut is so gargantuan [1. Of immense size, extent, or quantity. See Synonyms at enormous. 2. Of exceedingly great scope or nature: a gargantuan effort.], and because storage is set to run low at current prices, that means that prices ultimately have to fall even further. “For this reason, our view has been oil prices will need to move to cash costs, resulting in shut-in production,” Goldman analysts wrote in a note on Monday. ALSO ON RT.COM The lesson US shale refuses to learn The US rig count fell by 44 (40 oil rigs and 4 gas rigs) last week, the largest decrease in four years. Notably, the Permian basin accounted for 23 of those rigs. Bank of America said so much depends on whether or not the world can move past the pandemic in the next few months, or if the scars linger into next year and beyond. “The oil market expects these massive supply and demand shocks to fade within 3 to 4 months, a plausible outcome,” the bank said. “However, if either shock (or both) last for 12 months or longer, the gigantic surplus could keep oil prices below $30/bbl for an extended period.”