Russia ready to cut oil production

[Texan77]

It looks like Putin is seeing that Russia in not better off with lower oil prices. The USA was about to make the importing of oil illegal. This means no matter how low the world market went there would be a floor in USA oil price and much of our industry would survive. If the USA would never buy oil on the open market there was no limit to how low Oil could go. He thought that 30 dollar oil was ok then he was talking about 25 dollar oil. It looked like 20 dollar was going to happen soon and if the USA was not going to buy would that of been a floor?

The article is only about Putin ready to change his mind and consider cutting oil production.

https://news.yahoo.com/putin-says-russia-ready-cooperate-cutting-oil-production-203243929.html

[Steveboy]

It looks like Putin is seeing that Russia in not better off with lower oil prices. The USA was about to make the importing of oil illegal. This means no matter how low the world market went there would be a floor in USA oil price and much of our industry would survive. If the USA would never buy oil on the open market there was no limit to how low Oil could go. He thought that 30 dollar oil was ok then he was talking about 25 dollar oil. It looked like 20 dollar was going to happen soon and if the USA was not going to buy would that of been a floor?

The article is only about Putin ready to change his mind and consider cutting oil production.

https://news.yahoo.com/putin-says-russia-ready-cooperate-cutting-oil-production-203243929.html

It is some thing no one will need to worry about in 50 years , you will not be able to give it away..

The rag heads will go back to being nomads in the desert cos there is nothing else there of value other than camel shit and that is probably no good even for fertiliser ..

It will be like peat..no one wants it.

[AvHdB]

Somewhere I read that D. Trump ordered the strategic stockpiles refilled. Wonder if that has occurred?

[andrewfi]

Avhdb, the US strategic stockpile can only be refilled at a rate of 2 million barrels per week and is close to capacity with only about 130 million barrel free.

The daily oil oversupply is around 20 million barrels as I recall. So, the strategic reserve is not an answer to the problems facing US oil producers in particular.

For context, the USA, in normal times gets through a bit less than 19 million barrels per day. Figure on 16 or so at the moment.

[msmoby]

Avhdb, the US strategic stockpile can only be refilled at a rate of 2 million barrels per week and is close to capacity with only about 130 million barrel free.

The daily oil oversupply is around 20 million barrels as I recall. So, the strategic reserve is not an answer to the problems facing US oil producers in particular.

For context, the USA, in normal times gets through a bit less than 19 million barrels per day. Figure on 16 or so at the moment.

Please tell us the source for your consumption estimate ...  given your research is legendary in it's accuracy 

[NS1]

I believe most countries are about to cut production.
With low prices, virus, oil is not being consumed at normal rate.

Lowest prices in Canada in over 40 years.

[andrewfi]

Avhdb, the US strategic stockpile can only be refilled at a rate of 2 million barrels per week and is close to capacity with only about 130 million barrel free.

The daily oil oversupply is around 20 million barrels as I recall. So, the strategic reserve is not an answer to the problems facing US oil producers in particular.

For context, the USA, in normal times gets through a bit less than 19 million barrels per day. Figure on 16 or so at the moment.

Please tell us the source for your consumption estimate ...  given your research is legendary in it's accuracy

There's stuff I know. You can use Google to help you to catch up.

[Texan77]

USA Crude Oil consumption in March down to 12.5 million barrows per day down from 20.5 million barrows. I understand that April will likely be lower. The first two weeks of March most of the country was still open and people were still driving. Gasoline usage is down 55 per cent. China is ramping back up but is only using 90 per cent of the oil they used before the virus. 

https://www.forbes.com/sites/uhenergy/2020/03/22/lower-for-longer-covid-19s-impact-on-crude-oil-and-refined-products/#2d940eb42fe8