US faces an 'unprecedented' decline in oil production [CNN]
Exxon Mobil Corporation (XOM)
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Source: CNN
US faces an 'unprecedented' decline in oil production US crude futures dropped as low as $19.20 a barrel — their weakest level since February 2002 — on Wednesday following the report from the Paris-based agency, which also warned that the collapse in global consumption this year because of the coronavirus pandemic would wipe out a decade of growth. The IEA said in its report that low prices and brimming inventories will sharply reduce US crude production this year, with output in December expected to be 2 million barrels per day lower than the same month in 2019. Major oil producing nations including Saudi Arabia and Russia agreed Sunday to slash their output by 9.7 million barrels a day in May and June, a deal that was encouraged by US President Donald Trump. Those cuts are unprecedented in size, but still not big enough to counter the destruction in demand for energy products caused by the pandemic. Crude prices have fallen by about two thirds this year as countries restrict work, t
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