EQNR - OPEC Nations Are Forcing Big Oil Producers to Shoulder Some of Their Supply Reductions
OPEC members are negotiating with several big oil producers to take part in the group's coordinated efforts to reduce global oil supplies, according to a report by The Wall Street Journal. They're asking these companies to shoulder some of the supply reduction so that their national oil companies aren't the only ones participating. The group, along with several non-member nations, will begin reducing their oil supplies by 9.7 million barrels per day in May.
Some nations have ordered producers operating in their countries to reduce their supplies. Oman, for example, mandated Occidental Petroleum (NYSE: OXY) cut production by 58,000 barrels per day (BPD). Meanwhile, several countries have asked producers to reduce output at some of their locations. Angola, Azerbaijan, and a couple of countries in the Middle East have requested that BP (NYSE: BP) cut its production. Overall, BP gets half its oil supplies from countries participating in the OPEC+ alliance.
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