U.S. oil production could decline this year by 2 million bpd-3 million bpd , due to limited storage capacity and low oil prices, Russia’s Deputy Energy Minister Pavel Sorokin told local media on Wednesday. “We see that the production drop in the United States may range from 2 to 3 mln barrels daily this year either on account of storage capacities filling or merely because it is not possible for certain companies to work in the conditions of the price being $30-35 [per barrel], to say nothing of $20 [per barrel],” Sorokin said in an interview with the Roscongress Foundation carried by TASS. Apart from large production cuts in the United States, curtailments in Canada could top 800,000 bpd, so those two North American producers could provide between 2.8 million bpd and 4 million bpd of cuts from producers that are not part of the OPEC+ pact, Sorokin said. […]