ConocoPhillips Reduces Oil Production After the Historical Price Drop
The American energy giant ConocoPhillips is scaling back production due to the historic fall in oil prices. In June, the company will reduce daily production by 420,000 barrels.
A month earlier, it is estimated that 230,000 barrels less daily.
Prices have come under pressure due to the price war that Russia and Saudi Arabia unleashed after agreeing on production restrictions and the drying up of oil demand due to the corona crisis.
Oil producers worldwide are forced to shut down production at unprofitable wells.
Conoco had previously indicated that it would cut more than a quarter of its production.
Especially the oil produced through shale extraction is currently not profitable to extract. To get some fat on the bones, Conoco previously cancelled its share buyback program.