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The U.S Oil Supply Is Still Out of Balance

01 Nov 2021
The U.S Oil Supply Is Still Out of Balance
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In January 2020, just before the Covid-19 pandemic began to sweep across the U.S., domestic oil production was 12.8 million barrels per day (BPD). Production remained at that level for a couple of months despite the double-whammy of a price war between Saudi Arabia and Russia, and growing demand destruction as a result of the Covid-19 pandemic.
 
But the situation was untenable. The price of oil eventually fell to zero and then kept going. That forced some producers into bankruptcy, resulting in the largest short-term oil production drop in U.S. history.
 
Click link below for more information :
https://oilprice.com/Energy/Energy-General/The-US-Oil-Supply-Is-Still-Out-Of-Balance.html
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By DAVOR Marketing Team
📞: +6011-26139527 (Office), +6012-2919166 (Sales)
✉️: sales@davor.com.my
💻: https://www.davor.com.my/
#oilprice #oilupdate #oilandgas #price 

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