LONDON/NEW YORK - Global oil refining production could start rebounding in June, the International Energy Agency said on Thursday, but refiners’ margins may be squeezed due to rising crude prices as producers slashed output much faster than expected.
In recent days, several OPEC nations including Saudi Arabia said they will cut output more than originally pledged. Producers in the United States and Canada have cut production by 1.7 million bpd, much faster than expected. But producer cuts have been swifter. Saudi Arabia said it will reduce output by nearly 5 million bpd in June, or 1 million bpd more than expected. Kuwait and United Arab Emirates also said they would clip production, boosting crude prices.
Shut-ins by producers in North Dakota’s Bakken shale basin have been among the quickest in the country.
Source: Energy Industry News (energyindustrynews.net)
Quit using the stuff, everything can be run on solar & AI Ooh, look a terminator/matrix marathon . . .
We are still giving out a payment of $1500 to $3500 to the first 30 people to message me directly just like we did yesterday. Inbox me directly saying *cash* .........Best of Luck
Fantastic :-) The consumer cant wait !!!!!
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