U.S. West Texas Intermediate (WTI) crude was down 54 cents, or 1.7%, at $30.96 after falling more than $1 earlier.
That will see up to $US50 billion in spending and other measures, free COVID-19 testing (but not treatment), sick pay for some workers, waiving of interest on student loans, and importantly for oil markets, purchases of crude for the United States strategic reserve.
What a difference a week makes in the oil business. It needs oil prices of around $82 a barrel to balance its budget.
On Friday, Abu Dhabi National Oil Company also offered steep discounts for its Murban crude for April, announcing forward prices for the first time in its history.
This will be the worst price performance since the days of the 2008 financial crisis. "And that's exactly what Russian Federation and Saudi Arabia are aiming for, hoping to gain-back market share", the energy expert said.
The company's president Amin Nasser saw 2019 as an "exceptional year for Saudi Aramco".
Looking back on the past year, Schenker brings the situation into context.
The company's net income fell to $88.2 billion in 2019, from $111.1 in 2018.
Only weeks ago the United States imposed sanctions of a subsidiary of Rosneft in response for its support of the President of Venezuela. "Rosneft has always been baulking at production cuts".
XFL is suspending their season due to coronavirus concerns
The XFL had only completed half of its 10-game season, and was scheduled to hold a title game in late April. For five weeks, Korren Kirven worked with Team 9, the name given to the XFL's league-wide practice squad.
The response from the USA was as expected, claiming that "state actors" wanted to "manipulate and shock" oil markets.
While the impact of the virus on global demand over the rest of 2020 and into 2021 is a huge factor for prices, overshadowing all that is the volume and price war between the Saudis (and some allies such as the UAE) and Russian Federation.
Why it matters: Aramco is the world's largest oil-producing company.
The game plan seems to be to flood the market with cheap oil to garner as much market share and hurt rival producers. Hamm reminded the market that when OPEC added more oil to the market in 2014, it backfired. All oil producers - including Saudi Arabia and Russian Federation - will be financially badly impacted by the oil price crash, and many shut-downs and bankruptcies can be expected, especially in the USA shale oil industry and in smaller producing countries.
Since the start of 2020, the coronavirus scare has been dealing some fierce blows to the world economy.
"With the growth phase of the shale boom grinding to a halt due to the lack of investment in the industry, now U.S. shale oil could find itself running into a brick wall", says Innes from AxiCorp. This will weigh heavy on jet fuel demand and consequently on oil demand. Thwarted in its search for cuts, Saudi Arabia, the leading OPEC member, sharply changed course over the weekend by cutting prices and signalling it will ramp up production. The figure appeared to be well below analysts' expectations; they'd projected the oil giant could earn around $92.6 billion.
Investment bank Goldman Sachs says the surge in low-priced production "is significantly larger than expected with the collapse in demand due to the coronavirus". Low oil prices and a deteriorating global economy threaten to undermine the prince's ambitious plan, known as Vision 2030, to diversify the Saudi economy away from oil.
Forecasts for future crude prices and demand are also bleak. For the year, a modest demand growth of 0.1-0.5 mbpd is expected. The average cost of the oil has been $29.70 a barrel.
The April reports will be eagerly awaited. Riyadh struck back by opening its taps and promising to pump record volumes of oil into the market. Moscow hopes it could lead to the collapse of some of those businesses, if oil prices remain below $40 a barrel.