Global oil production cuts could end up rising to 20 million bpd, including forced reduction of output such as already underway in the United States, the Saudi Energy Minister, Abdulaziz bin Salman, told the Financial Times. “If prices stay within the border of $35-$40 a barrel . . . I wouldn’t be surprised if natural declines are even more severe as we move into the next few months,” Saudi Energy Minister, Abdulaziz bin Salman, said. Chances are prices will stay low: oil traders did not react with much enthusiasm to the news that OPEC+ would cut 9.7 million bpd in production starting May, nor did they cheer a decision by G20 producers to throw their weight behind the cuts and add their own supply curbs that would bring the total reduction on global supply to over 13 million bpd . In fact, earlier this week the chief executive of […]