In an effort to prop up oil prices as the coronavirus outbreak slashes fuel demand, the OPEC and its allies, known as OPEC+, agreed on Sunday to reduce output by 9.7 million bpd for May and June.
OPEC+ members are not alone. There are numerous other nations that have committed to supply cuts.
The US production is expected to fall by roughly 2 million bpd by the end of 2020, US Secretary of Energy Dan Brouillette said last week. At the end of next year, the oil production should average roughly 11.1 million bpd. In Q4 2019, the average output was 12.8 million bpd.
With about 4.5 million coming from Western Canada, roughly 4.8 million bpd produced by Canada in March. Due to Canadian crude weak pricing, Alberta had already been downsizing production.
Canadian crude cuts, according to analysts estimation, could range from 1.1-1.7 million bpd. Canada has already slashed output by roughly 325,000 bpd, according to Rystad Energy.
Compared with 2.39 million bpd in Q4 2019, Petrobras will cut production for April by 200,000 bpd to 2.07 million bpd.
Roughly 1.75 million bpd of crude produced by Norway. Whether to cut output is being considered by the country. Meanwhile, as Jakarta’s measures to fight the coronavirus hit demand for its fuel, Indonesia’s Pertamina was in talks with suppliers to defer petrol imports in April.
