API on OPEC+ Decision to Cut Production
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WASHINGTON, April 9, 2020 – The American Petroleum Institute issued the following statement regarding today's OPEC+ decision to to cut production by 10 million barrels per day for a two month period.
"Following strong U.S. diplomacy and reduced domestic production driven by market conditions, we welcome today’s OPEC+ decision for government-owned oil companies to cut production by 10 million barrels per day for a 2 month period," API President and CEO Mike Sommers said. "While this move will help stabilize world oil markets, significant challenges remain throughout the supply chain since current market disruptions are driven largely by this historic drop in demand as a result of the COVID-19 pandemic. The best thing for the energy industry – and the entire U.S. economy – is to slow the spread of COVID-19 and stimulate the economy until demand stabilizes and it’s safe for Americans to return to work."
API represents all segments of America’s oil and natural gas industry. Our more than 600 members produce, process and distribute most of the nation’s energy. The industry supports more than ten million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. API was formed in 1919 as a standards-setting organization. In our first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.