UPDATE 4-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/LONDON (Reuters) - The minimal impact on oil prices from a global deal on record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus 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 barely moved, oscillating in and out of positive and negative territory. [O/R] Both Brent LCOc1 and WTI CLc1 have lost more than half of their value this year. Graphic - Global oil prices down 50%-60% this year: here The cut by OPEC+ may be more than four times deeper than the previous record set in 2008 and overall oil supply may shrink by twice that with other measures, but the reduction remains dwarfed by a demand drop pr
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