U.S. Oil Companies Begin Slashing Production as OPEC Decision Nears [The Motley Fool]
Exxon Mobil Corporation (XOM)
Last exxon mobil corporation earnings: 5/1 07:34 am
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Source: The Motley Fool
Demand for oil has cratered because of the COVID-9 outbreak. That's causing crude topile up in storage terminals around the world. Those facilities are quickly filling to the brim, which is causing concern that the industry will soon run out of space to store oil. That's leading pipeline companies and refineries in the U.S. to urge their oil-producing customers to reduce their output.Continental Resources(NYSE:CLRImage source: Getty Images.Turning off the pumpsContinental Resources Executive Chairman Harold Hamm stated his belief this week that U.S. producers would voluntarily reduce their output by 0% to % in the near term. However, he said that those reductions wouldn't be part of a coordinated supply cut with Saudi Arabia and Russia. Instead, they will come out of necessity because America's oil infrastructure can't handle the volumes because of cratering oil demand amid the COVID-9 outbreak. Hamm, for example, noted that a refinery in Oklahoma that processes some of Continental's
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