U.S. pushes back on call by OPEC+ to join big oil output cuts [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
U.S. pushes back on call by OPEC+ to join big oil output cuts The Kaombo Norte floating oil platform operates off the coast of Angola on Nov. 8, 2018. Stephen Eisenhammer/Reuters The Kaombo Norte floating oil platform operates off the coast of Angola on Nov. 8, 2018. Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis. However, the U.S. Department of Energy noted in a Tuesday statement that U.S. output is already falling without government action, in line with the White House’s insistence that it would not intervene in the private markets. That decline, however, would take place slowly, over the course of the next two years. Global oil demand has dropped by as much as 30 per cent, or about 30 million barrels per day (bpd), as measures to reduce the virus’s spread have caused demand for jet
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