US shale production, rig count continue to fall amid lower crude prices

摘要

HOUSTON (ICIS)--US drillers continued to idle rigs while domestic crude output declined again this week. A downtrend is expected to persist in the coming months as US producers remain committed to spending cuts in the oil patch. Lower crude prices and sluggish demand have driven US production cuts, while OPEC+ cut agreements of 9.7m bbl/day kicked in this month. Saudi Arabia is expected to implement an additional voluntary cut of 1m bbl/day in June.