The U.S. oil industry was already struggling to satisfy investors unhappy with weak returns, even as the United States surged to become the world’s largest oil producer in the last few years.

The Dow Jones Industrial Average .DJI dropped 2.44% to end at 23,650.44 points, while the S&P 500 .SPX lost 1.79% to 2,823.16.

The project (4,560 MW), when fully operational at the end of 2022, will not only create the largest power plant in American but the largest generator of carbon-free power in the country as well.

U.S. Rig Count is down 73 rigs from last week to 529, Canada Rig Count is down 5 rigs from last week to 30

U.S. petroleum demand declined to 19.4 million barrels per day (mb/d) in March, which was a 4.6% decrease from February

The U.S. renewable energy sector has been hit hard by the coronavirus pandemic, with more than 106,000 U.S. workers losing their jobs last month,

U.S. total industrial production fell 5.4 percent in March, as the COVID-19 (coronavirus disease 2019) pandemic led many factories to suspend operations late in the month.

The deal calls on OPEC, Russia and nine other allies to cut 9.7 million b/d of crude production in May and June, ramping down to 7.7 million b/d for the second half of 2020, and then 5.8 million b/d for all of 2021 through April 2022.

Crude oil production from the major US onshore regions is forecast to decrease 183,000 b/d month-over-month in April from 8,709 to 8,526 thousand barrels/day, gas production to decrease 869 million cubic feet/day from 84,027 to 83,158 million cubic feet/day .

The Australian dollar rose 0.7% to $0.6432, the New Zealand dollar firmed 0.6% to $0.6131 and the pound added 0.4% to $1.2562 - their strongest since mid-March.