By Irina Slav – Apr 15, 2020, 1: 00 PM CDT
International oil production cuts might end up increasing to 20 million bpd, consisting of forced decrease of output such as currently underway in the United States, the Saudi Energy Minister, Abdulaziz bin Salman, told the Financial Times.
” If rates stay within the border of $35-$40 a barrel. I wouldn’t be surprised if natural declines are much more serious as we move into the next few months,” Saudi Energy Minister, Abdulaziz bin Salman, said.
Chances are prices will remain low: oil traders did not react with much enthusiasm to the news that OPEC would cut 9.7 million bpd in production starting May, nor did they cheer a decision by G20 producers to throw their weight behind the cuts and include their own supply curbs that would bring the total decrease on worldwide supply to over 13 million bpd
The crisis was brought about in part by Saudi Arabia’s statement of a price war against Russia last month, when it said it would raise its oil supply to 12.3 million bpd.
By Irina Slav for Oilprice.com
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