- Oil producers in New Mexico and elsewhere are hoping for some relief this week, because the Organization of Petroleum Exporting Countries, Russia and other oil-producing nations plan to meet Thursday to discuss potential, collective cutbacks in output to reduce world oversupply and lift prices.
- Now, Saudi Arabia and Russia are seeking U.S. commitments to also cut domestic production as part of any new agreement, something extremely difficult to enforce given antitrust laws in the U.S. and opposition to any managed-market controls by major producers such as ExxonMobil and Chevron, said Fine, who discussed the current situation with industry representatives in an online conference last week hosted by Four Corners Economic Development in Farmington.
- With economies across the globe virtually shutting down to contain the coronavirus, Goldman Sachs projects world oil demand will drop by 26 million barrels a day between April and June, or one-quarter of global demand.
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