Deep oil output cuts won't offset unprecedented demand loss: IEA - Reuters:
Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world’s richest economies to discuss broader ways to stabilise oil markets.
Fatih Birol, executive director of the International Energy Agency, told Reuters that measures to contain the spread of the coronavirus had lead to an “unprecedented” demand loss that could reach as much as a quarter of global consumption.
Birol spoke to Reuters after speaking to Saudi Arabian Energy Minister Prince Abdulaziz bin Salman ahead of a meeting of OPEC and its allies, known as OPEC+, on Monday to discuss cutting output to reverse the collapse in oil prices.
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