US Output To Slump: By How Much?

*Notwithstanding talk of a nascent Saudi/Russia deal to cut output (MEES, 3 April), US production is set to slump over the coming months. The only question is by how much.

*Key operators have outlined capex cuts from 20% to over 50% for 2020 (MEES, 20 March). Given the scale of coronavirus-related demand destruction, these cuts are unlikely to be more than partially reversed whatever happens to markets over the coming months. (CONTINUED - 197 WORDS)