May 20 data show a 20% cut of oil extraction compared to March in the USA, writes Financial Times.
Reportedly, the Genscape department of Wood Mackenzie consulting company data read that the USA extracts 2.3 million barrels of oil on May 20, while in March, the production rate was 13.24 million barrels a day.
On Thursday, the Department of Energy reported 100 thousand barrels less extraction summing to 11,5 million barrels by the week of May 15.
In 2019, the daily extraction equaled 12.23 million barrels; in 2020 January – 12.75 million barrels, in February – 12.83 million barrels.
The Energy Department also states that the oil extraction will decrease by 70 thousand barrels a day, dropping to 11.69 million barrels in 2020, and by 130 thousand barrels a day, dropping the extraction to 10.9 million barrels in 2021.
The “OPEC+” countries agreed, on May 12 meeting, to decrease the oil production. It means a cumulative decrease in May and June to daily 9.7 million barrels a day. In the framework of the agreement, the following production volume reductions are planned in July and December. In particular, the production to be decreased to 7.7 million barrels a day during the period and 5.8 million barrels in January 2021.
