UPDATE 2-Record oil output cuts fail to make waves in coronavirus-hit market [Reuters]
PetroChina Company Limited (PTR)
US:NYSE Investor Relations:
petrochina.com.cn/ptr/tzzgx/tzzgx.shtml
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Source: Reuters
Record oil output cuts fail to make waves in coronavirus-hit market SINGAPORE (Reuters) - Falling oil prices on Monday showed that oil producers still have a mountain to climb despite record output cuts in an effort to restore market balance as the coronavirus pandemic shreds demand and sends stockpiles soaring, industry watchers said. A 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 - equal to nearly 10% of global supply - prices were little changed, oscillating in and out of positive and negative territory. Both Brent LCOc1 and WTI CLc1 have lost more than half of their value so far this year. The headline cut by the producer group known as OPEC+ may be more than four times deeper than the previous record set in 2008 and could provide a floor for prices, but the reduction remains dwarfed by a demand drop predicted by some forecasters to be as much as 30 milli
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