“The historic agreement that we saw…is only 10 mb/d. But that is only half of the story,” U.S. Secretary of Energy Dan Brouillette said on Fox Business. “When you add up all of the production cuts around the world, we are going to be much closer to 20 mb/d coming off the market.” After several days of negotiations, OPEC+ pulled off a historic production cut of around 10 million barrels per day. Additional cuts from a series of non-OPEC countries, including the U.S., magnified the headline number, although those cuts are not mandatory. Instead, the market is going to force shut ins, a trend for which the Trump administration is taking credit as a “cut.” Through some optimistic accounting, the Trump administration billed the deal as a cut of nearly 20 mb/d. In reality, the figure will be much smaller . In any event, the drop in global demand […]