(Reuters) - The global crisis caused by the coronavirus pandemic will be felt throughout oil's global supply chains and ripple into other parts of the energy sector, the International Energy Agency (IEA) said in a report on Wednesday. Oil prices crumbled as the pandemic slashed global fuel consumption, with further pressure from a supply shock due to the end of production cuts from OPEC producers and Russia. Crude oil prices ended a volatile quarter with their biggest losses in history, and declined about 55% in March, the most on record. Prices also plunged to their lowest level since 2002 on Monday. [O/R]About 5 million barrels of oil extracted worldwide every day are not attracting high enough premiums to offset the costs of extracting it out of the field, according to the Paris-based IEA agency.

Source: International New York Times April 01, 2020 21:00 UTC