The Organization of the Petroleum Exporting Countries, the world’s largest oil-producing nations, reached a preliminary agreement to cut output by 1.5 million barrels a day, pending support from Russia. It’s the largest output cut since 2008–2009, as the spread of COVID-19 hits demand globally. (Financial Times)

Talking point: The virus continues to impact industries, financial and otherwise. The U.S. stock market plunged over 1,000 points at its lowest on Thursday. Bank of Canada governor Stephen Poloz warned that the national economy’s “resilience could be seriously tested by COVID-19,” a day after it cut its overnight rate target by half a percentage point. Some 115 conferences (and counting) have been cancelled, delayed or moved online, including Shopify’s annual conference planned for May; OpenText’s flagship European event, Enterprise World Europe; and TED 2020, which was to be held in Vancouver. The Canadian cricket team’s chance at international success has been disrupted by the virus, too, as a tournament set to take place in Malaysia later this month has been postponed.