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U.S. oil production rate falls by 20% compared with that in March

Source : 112 Ukraine

The drop makes 2.3 million barrels per day
20:26, 23 May 2020

Businessinsider.com

As of May 20, oil production rate decreased by about 20% compared with that in March. This was reported by the Financial Times, citing data from the Wood Mackenzie consulting company.

It is noted that the U.S. oil production fell by 2.3 million barrels per day from a peak in March that made 13.24 million.

The article clarified that such a reduction is almost equal to the volume of production in Saudi Arabia and the Russian Federation under the OPEC+ agreement.

We recall that in early May, Saudi Arabia pledged to further reduce oil production by 1 million barrels per day.

Related: Iran to issue $ 217 million Islamic government bonds for gas and oil projects

US President Donald Trump threatened Prince of Saudi Arabia Mohammed bin Salman Al Saud with the withdrawal of U.S. troops in the event that OPEC+ countries do not reduce oil production. This was reported by Reuters with reference to its sources.

As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.                                                                   

In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.

Trump delivered the message to the Crown Prince 10 days before the announcement of production cuts. The kingdom’s de facto leader was so taken aback by the threat that he ordered his aides out of the room so he could continue the discussion in private, according to a U.S. source who was briefed on the discussion by senior administration officials.

Related: Stoltenberg urges Russia to return to compliance with Open Skies Treaty

 

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