*Latest official US crude output figures for June show output rebounding by 420,000 b/d to 10.436mn b/d from May’s 10.016mn b/d. The May figure was in turn the lowest since December 2017 and a whopping 2.84mn b/d down from last November’s peak of 12.860mn b/d. Indeed the 2.72mn b/d collapse between March and May is by far the largest for a comparable period on record, with May’s 1.99mn b/d fall by far the largest monthly slump (see table for full data).
*It now appears clear that May marked the bottom of the collapse in output that followed swingeing capex cuts that in turn followed March’s Covid-induced collapse in global oil demand and prices. US firms were swift in shutting in output: the three US majors (ExxonMobil, Chevron and ConocoPhillips) alone curtailed almost 1mn b/d of North American output (MEES, 8 May) (CONTINUED - 870 WORDS)
