Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron Corp ( CVX.N ), ConocoPhillips ( COP.N ) and Occidental Petroleum Corp ( OXY.N ) – account for more than half of the cuts. Oil and gas producers are deep into crisis mode as a result of the worldwide slump in demand caused by coronavirus lockdowns. Fuel demand is down more than 30%, and the world’s big producers cannot produce oil profitability at less than $30 per barrel. While the members of the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, will cut 9.7 million barrels per day (bpd) in production beginning in May, other nations could reduce output by as much as 10 million bpd. That includes the United States […]