Saudi Energy Minister: Global Oil Cuts Could Reach 20 Million Bpd

Global oil production cuts could end up rising to 20 million bpd, including forced reduction of output such as already underway in the United States, the Saudi Energy Minister, Abdulaziz bin Salman, told the Financial Times. “If prices stay within the border of $35-$40 a barrel . . . I wouldn’t be surprised if natural declines are even more severe as we move into the next few months,” he said. Chances are prices will stay low: oil traders did not react with much enthusiasm to the news that OPEC+ would cut…