US oil production is falling more steeply than expected

Author: Eamonn Sheridan | Category: News

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
Link to FT if you want more (may be gated)

US oil output

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