Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the ...
Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus crisis may force them to cut more.
"We have to cut down, ... with or without OPEC output cut deal," Mele Kyari, the head of Nigeria's state-owned oil firm NNPC Group, told the African nation's Premium Times newspaper.He said Nigeria would have to cut production because it was hard to find anywhere to put the oil. Energy Aspects expects imminent shut-ins in the United States to amount to at least 1.3 million bpd, in addition to cutbacks already announced by the United States this month when OPEC+ was working on its deal.
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