Exxon Mobile CEO Darren Woods is the latest to join the bandwagon of analysts and oil experts who are of the opinion that the massive demand destruction due to coronavirus outbreak will force producers to scale back output or shut down operations. “Capacity has to come offline. There will be economics that force producers to shut in… frankly because there is no demand for the product so eventually you’ve got to stop making it,” Woods told CNBC. Exxon is trimming its CAPEX by 30%, according to a CNBC report. The OPEC+, a loose organization of 24 oil-producing nations led by Saudi Arabia and Russia, is widely expected to agree to some kind of output cuts on Thursday. Most analysts, however, are convinced that output cuts won’t compensate for the sharp slide in demand anticipated over the next few months. At press time, a barrel of West Texas Intermediate crude is changing hands near $26.20 and brent oil is trading near $33.70. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next RBA’s Financial Stability Review: Financial system was in a strong position heading into virus impacts, faces increased risks FX Street 2 years Exxon Mobile CEO Darren Woods is the latest to join the bandwagon of analysts and oil experts who are of the opinion that the massive demand destruction due to coronavirus outbreak will force producers to scale back output or shut down operations. "Capacity has to come offline. There will be economics that force producers to shut in... frankly because there is no demand for the product so eventually you’ve got to stop making it,” Woods told CNBC. Exxon is trimming its CAPEX by 30%, according to a CNBC report. The OPEC+, a loose organization of 24 oil-producing nations led by… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
