KEY POINTS
  • Oklahoma-based Continental Resources is taking "the most drastic action thus far," Rystad reported, forecasting a cut of 69,000 bpd from Continental in April and nearly 150,000 bpd in May and June.
  • In March, American producers were still pumping at record highs, even as prices plunged due to the loss of demand from the coronavirus pandemic.
  • Government data showed production at 12.2 million bpd in the third week of April, a stunning 900,000 bpd less than its record peak of 13.1 million bpd just a month prior.

In this article

U.S. energy companies are taking an axe to their rig numbers, deepening production cuts for the industry that in the last few years made America the world's number one oil producer.  

In this article