North American oil companies have slashed production faster than skeptical OPEC officials and industry analysts expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis of U.S. state and company data. The group, known as OPEC+, agreed to cut output by 9.7 million barrels per day (bpd) for May and June. During talks last month, some OPEC members raised concerns that nations like the United States and Canada couldn’t muster that magnitude of cuts from private companies without state mandates. …read more
Source:: Yahoo Finance
