Will the additional 500k barrel per day (bpd) OPEC+ & Saudi production cuts save many US shale oil producers? Or is it already too late? OPEC+ agrees to cut by another 500,000 bpd. OPEC+ agreed to cut production by an additional 500,000 bpd, with the cuts to last until March. But because the group is already producing below its current limit, there were questions about whether the “cuts” were in fact consequential. “If we were to have an outcome of an extension of cuts with only the official quota of the OPEC+ group being reviewed lower (the 500,000 bpd), rather than actual production, then the change in supply policy would be cosmetic (given below target production in some countries, notably Saudi Arabia and Angola),” said Harry Tchilinguirian, global oil strategist at BNP Paribas.
Saudi promises to maintain unilateral cut. “We will continue the voluntary cut of 400,000” barrels a day, Energy Minister Prince Abdulaziz bin Salman said, sending oil prices much higher. With those cuts in hand and full compliance from other members – if it can be achieved – the cuts could end up being substantially deeper.
Oilprice.com story about the Saudi and OPEC+ Oil Cuts This Week:
Halliburton lays off 70 California employees in latest round of cuts
Shale's Debt-Fueled Drilling Boom Is Coming To An End
Fracking Blows Up Investors Again: Phase 2 of the Great American Shale Oil & Gas Bust
Momentous Change in US Crude Oil Market, with Global Impact
Crude Oil Could Fall to $40 if OPEC+ Fails to Deepen Cuts
The Oil Company Built To Survive The Bear Market
Six Oil Stocks To Survive The Shale Bust
OIH - VanEck Vectors Oil Services ETF
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