US cuts oil production by 2.3 million barrels per day

American oil companies have reduced the volume of crude production by 2.3 million barrels per day, according to Mind.ua.

The reduction is almost equal to the extent to which Russia and Saudi Arabia agreed to reduce the production of raw materials in May and June under the OPEC+ deal.

It is noted that until May 20, the United States reduced oil production by 20%, or 2.3 million barrels per day, from a peak March level of 13.24 million compared to March.

Earlier, the US Department of Energy announced a reduction of 1.9 million barrels, but production fell much more.

According to Reuters and oil service company Baker Hughes, US energy companies reduced the number of oil rigs to historic lows for the third consecutive week as part of cost reduction amid falling oil prices due to the Covid-19 pandemic.

For the week ending May 22, the number of drilling rigs fell by 21 to a record 318. The previous record low was recorded last week and amounted to 339 rigs.

It was previously reported that in April, Norway reduced hydrocarbon production by almost 3%.

Tags: contracts, hydrocarbon production, EU, USA, energy market, авиатопливо, добыча нефти, drilling, коронавирус, RF, Oil refinery plant, foreign affairs, ОПЕК+, negotiations, agreement, oil products, well, field, gasoline, energy sector, quarantine, Saudi Arabia, COVID-19, decline in production, oil companies, oil reserves, crisis

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