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UPDATE 1-Oil importers may announce purchases to help demand - IEA head tells TV

Published 09/04/2020, 13:15
Updated 09/04/2020, 13:18
© Reuters.

(Add quote, context)
DUBAI, April 9 (Reuters) - Oil importing countries may
announce crude oil purchases to support crude demand which has
tumbled as a result of the coronavirus crisis, International
Energy Agency Executive Director Fatih Birol told al-Arabiya TV
on Thursday.
OPEC and its allies including Russia, a group known as
OPEC+, hold a video conference on Thursday on plans for deep
output cuts. This is followed on Friday by a call between energy
ministers from the Group of 20 (G20) major economies.
"We may hear tomorrow (Friday) countries purchasing crude to
build up their strategic (reserves) and support demand," Birol
said, according to the al-Arabiya television channel.
"We will see a recovery of demand in line with the
resolution of this problem and the return of the global economy,
but I don't expect a very quick recovery of oil prices," he
said.
Global fuel demand has plunged by as much as 30% as measures
to fight the virus have grounded aircraft, reduced vehicle usage
and curbed economic activity.
"What will happen tomorrow (Friday) at the G20 summit is
very important ... it is not just a problem facing some oil
producing states, it is also facing the global economy," Birol
said.


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