Global oil stocks could still build by 15 million barrels per day (bpd) in the second quarter even if OPEC+ cuts crude oil output by 10 million bpd, International Energy Agency’s (IEA) chief Fatih Birol said on Friday, per Reuters.
“Oil price collapse is bad for consumers too,” Birol added. “Refining and retail industry risks losing 50 million jobs worldwide.”
Birol further noted that he was not aware of any specific measures by the US to reduce its oil output.
WTI looks to snap five-week losing streak
The barrel of West Texas Intermediate largely ignored these comments and was last seen adding 10.7% on the day at $27.35. After closing the previous five weeks with heavy losses, the WTI is up more than 25% since Monday.
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