NavigatIIR: Despite OPEC+ Cuts, U.S. Delays in Production, Pipelines Still Expected
SUGAR LAND--April 27, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Earlier this month, the OPEC+ group, which includes Saudi Arabia, Russia and other nations, agreed to cut oil production by 9.7 million barrels per day (BBL/d) in May and June, representing roughly 10% of global supply. Other countries, while not part of the OPEC+ agreement, have agreed to curtail production. Brazil's Petrobras (NYSE:PBR), for example, has said it will reduce crude oil production by 200,000 BBL/d. Then there are those countries that, while not coming to any formal agreement, see a reduction in the cards for economic reasons. Among these is the U.S.
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