US oil production is falling more steeply than expected


This from the FT on a report indicating a sharper drop in US oil output than expected.

  • And further drops are expected later in 2020 as planned upstream spending further cuts supply 

Genscape:

  • production by May 20 had dropped almost 20% (2.3m barrels / day)

More:

  • volume lost already is almost as much as Russia and Saudi Arabia last month pledged to cut
US oil output

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