UPDATE 1-In oil market sunk by coronavirus, giant output cuts make ripple, not big waves [Reuters]
PetroChina Company Limited (PTR)
US:NYSE Investor Relations:
petrochina.com.cn/ptr/tzzgx/tzzgx.shtml
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Source: Reuters
UPDATE 1-In oil market sunk by coronavirus, giant output cuts make ripple, not big waves * At 9.7 mln bpd, record cuts dwarfed by April demand slump * G20 producers need to contribute to make cuts effective -analyst * Inventory builds to continue, albeit at slower pace * China recovering, but needs to export fuel to maintain balance * Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser (Adds comments from officials and sources in Japan, China, India, Australia, graphic) By Florence Tan SINGAPORE, April 13 (Reuters) - Minimal oil price gains on Monday show record output cuts by giant producers will still leave them with a mountain to climb to restore market balance, industry watchers said, with the coronavirus pandemic decimating demand just as stocks swell. The day after the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia agreed to reduce output by 9.7 million barrels per day (bpd) in May and June -
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