Texas oil and gas regulators to meet Tuesday morning to consider oil production limits
|Reuters reports that Texas oil and gas regulators will meet Tuesday morning to consider oil production limits in face of oil market rout – Texas regulators have not curtailed oil production since 1970s, will hear testimony from 58 speakers.
The news follows the weekend's headline that Saudi Arabia and Russia had struck a deal with other major oil-producing nations to cut production in an attempt to stabilize a market that has been upended by COVID-19. Members of OPEC and their allies, including Russia and Mexico, announced Sunday that they have agreed to cut production by 9.7 million barrels a day in May and June. This was the deepest cut even agreed by the world's oil producers. After this, the group will steadily ramp up production until the agreement expires in April 2022, however, we are unclear as to what will happing the third quarter pertaining to the lockdowns around the world and markets are presuming more will need to be done.
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