Big oil deal fails to energise SGX's oil and gas counters
Output cut of 9.7m bpd over May and June won't offset Covid-19's demand destruction of 20-30m bpd
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Anita Gabriel
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Singapore
THE biggest-ever output cuts by the world's largest oil producers over the Easter weekend failed to energise oil and gas related stocks on the Singapore Exchange with the counters reflecting crude's dispirited reaction so far.
At a magnitude of 9.7 million barrels per day (bpd) over May and June, the oil production cuts by the OPEC+ alliance seemed underwhelming amid a supply glut and won't offset the demand destruction that analysts say tops 20 million-30 million bpd dealt by the Covid-19 pandemic.
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