The Big Deal to Cut Oil Production May Not Be Big Enough [The New York Times]
Exxon Mobil Corporation (XOM)
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Source: The New York Times
HOUSTON — The agreement by major oil producers on Sunday toreduce their daily production by 9.7 million barrelsBut it probably still won’t be enough.Demand for oil has tumbled in recent weeks as the coronavirus pandemic has crippled global commerce and eliminated untold numbers of commutes, plane trips and cargo shipments. Experts estimate that demand has fallen by somewhere between 25 million barrels and 35 million barrels a day — or up to three and a half times as much as what the oil nations are promising to cut.News of the deal briefly lifted oil prices on Monday, but those gains faded over the course of the day. The U.S. oil price benchmark ended the day at $22.41, or less than half of where it was at the start of the year. Had the group of oil-producing nations, known as OPEC Plus, not reached a deal, oil prices would have collapsed, industry experts said.Leaders of the American oil industry, which is responsible directly and indirectly for roughly 10 million jobs, welcomed the
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