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International Energy Agency warns of crude build up

Fatih Birol, Executive Director of the International Energy Agency, on Friday warned that deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude.
 
Mr. Birol urged the world's richest economies to discuss broader ways to stabilise oil markets.
 
He said measures to contain the spread of the coronavirus had lead to an unprecedented demand loss that could reach as much as a quarter of global consumption.
 
Mr. Birol spoke to Reuters after talks with the Saudi Arabian Energy Minister ahead of a meeting on Monday of OPEC and its allies, to discuss cutting output to reverse the collapse in oil prices. 


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