US oil producers race to cut output as wellhead prices tumble
Total US stocks of crude oil and petroleum products climbed by another 10-million barrels last week
30 April 2020 - 17:08
London — US oil producers and refiners are starting to adapt to the huge shock caused by lockdowns imposed to contain the coronavirus, according to the latest weekly government data.
Producers are racing to cut output before the remaining storage space at tank farms and offshore becomes full, with tumbling wellhead prices forcing a brutal pace of adjustment...
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