ANCHORAGE, June 16 (Reuters) – ConocoPhillips will resume some of its Alaskan production shut in due to falling fuel demand stemming from the coronavirus pandemic, a spokeswoman said on Tuesday. The company cut output in the state by 100,000 barrels per day (bpd), part of a broader series of cuts announced in April in response to the slump in consumption that took U.S. prices briefly to negative-$40 a barrel. The curtailments in Alaska will be lifted for July, Natalie Lowman, spokeswoman for ConocoPhillips Alaska Inc, a division of ConocoPhillips, said. The cuts started in late May, Lowman said. Conoco is restarting production as prices have recovered. The company is one of the state’s largest oil producers, averaging 217,000 bpd in output in 2019. According to the Alaska Department of Revenue, June 2020 North Slope production through June 14 averaged 388,400 bpd, down from an average of 510,000 bpd in December 2019. Conoco’s decisions on future development and exploration drilling, stopped abruptly earlier this year, are yet to be made, Lowman added. “At this time, we do not intend to resume drilling activity at our North Slope operations for the remainder of 2020,” she said. Nick Note: Inventories are soaring… demand is not recovering and the oil companies are resuming production… WHY? its called a desperate attempt at survival. And you will soon see this throughout the global economy. Bargains galore here we come… Never mind some really great trades to pay for all this!