LONDON, April 3 (Reuters) - Deep oil output cuts by OPEC and
other producing nations would not be enough to prevent a huge
build in global crude inventories in the second quarter as
measures to contain the coronavirus lead to "unprecedented"
demand loss, the head of the International Energy Agency, Fatih
Birol, said.
A production cut of as much as 10 million barrels per day
(bpd) that might be discussed by OPEC and other producers next
week would still result in a 15 million barrel daily build in
the second quarter, Birol told Reuters. O/R
The head of the international energy watchdog urged Saudi
Arabia, the de-facto OPEC leader and current head of the Group
of 20 major economies, to discuss ways to stabilise the oil
market with all G20 members.