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