Gross U.S. production cuts could reach two million barrels per day in June, according to Rystad Energy. Gross U.S. production cuts, including liquids, could reach two million barrels per day (bpd) in June, according to a new Rystad Energy analysis, which was published on Wednesday. Net oil production cuts could reach 835,000 bpd in May and 877,000 bpd in June, according to Rystad Energy’s interpretation of early communication from 31 U.S. oil producers. This represents gross curtailments (including royalties to the government) of over one million bpd in both May and June, and at least 1.5 million bpd if total gross liquids output is considered, according to Rystad Energy. Adding the potential uncommunicated contribution from private and smaller operators, total Covid-19-related gross liquids output curtailments could “easily” hit at least two million bpd in June, Rystad Energy outlined. According to Rystad Energy, these figures do not represent the total […]