North American oil companies are trimming the production faster than OPEC, and the market anticipates that North American oil producers would cut over 1.6 million barrels per day by the end of June 2020.
- The oil kingpin Saudi Arabia and Russia entered into the agreement to cut 9.7 million barrels of oil production per day post demand took a hit of ~ 30 per cent of the global demand prior to COVID-19 outbreak.
- The market now anticipates that while OPEC would bring the production cut to 10.0 million barrels per day, North America would equally contribute to slash-out 20 per cent of world supply.
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