(Reuters) – Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron, ConocoPhillips and Occidental Petroleum – account for more than half of the cuts.
FILE PHOTO: Chevron oil exploration drilling site near Midland, Texas, U.S. August 22, 2019. Picture taken August 22, 2019. REUTERS/Jessica Lutz
Oil and gas producers are deep into crisis mode as a result of the worldwide slump in demand caused by coronavirus lockdowns. Fuel demand is down more than 30%, and the world’s big producers