US oil production suffers as home orders reduce demand
Output will average 11.7m barrels per day in 2020 and 10.9m bpd in 2021, levels that would be 500,000 bpd and 1.3m bpd, respectively, lower than the 2019 average of 12.2m bpd
The benchmark West Texas Intermediate crude oil average spot price fell 50% from $58 per barrel in January 2020 to $29 per barrel in March and 71% to the April price of $17 per barrel