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By Ron Bousso
LONDON, May 4 (Reuters) - Oil and gas output from some of
the world's top oil companies is set to drop by over 12% in the
second quarter of 2020 to levels not seen in at least 17 years,
according to Reuters calculations.
The output cuts are driven by an unprecedented drop in oil
consumption due to coronavirus-related movement restrictions
that have led to a surge in supplies and a collapse in crude
prices to levels not seen in more than two decades.
Four of the top publicly-traded oil and gas producers, known
as oil majors, have in recent weeks outlined plans to sharply
reduce production from Iraq to the shale basins in the United
States.
"Our output will be down in the second quarter, and it is
very uncertain how the rest of year will unfold," BP
Chief Executive Officer Bernard Looney told Reuters last week.
BP said it will reduce its U.S. shale oil output by 70,000
barrels of oil equivalent per day (boepd) in 2020, around 14%
lower than its 2019 output of 499,000
boepd.
It is also cutting in other countries, including in OPEC
nations and other major producers including Russia and
Azerbaijan that agreed in March to cut output by an
unprecedented 23%, Looney said.
Royal Dutch Shell Chief Financial Officer Jessica Uhl said
that in some cases the production cuts are due to logistical
problems such as lack of storage.
Exxon Mobil and Chevron are slamming the brakes on oil
output, with plans for combined global shut-ins of 800,000
barrels per day in response to plunging crude
prices.
(Reporting by Ron Bousso; editing by Philippa Fletcher)
