Oil producers aim to force Oklahoma to weigh output cuts [Reuters]
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Source: Reuters
Oil producers aim to force Oklahoma to weigh output cuts (Reuters) - A group of Oklahoma oil producers plans to formally file a request calling on energy regulators in the fourth-largest U.S. oil-producing state to impose production curbs. The Oklahoma Energy Producers Alliance (OEPA) will file in coming days an application asking state regulators to hold a hearing on production cuts, which it has not specified. Last week, the group sent a letter to regulators seeking help. “They’re fiddling while the industry is burning to the ground,” said Mike Cantrell, a member of the OEPA’s executive committee. It “will require them to hear the case for using pro-rationing” to limit production, he said. U.S. oil prices have tumbled this year as the COVID-19 pandemic has pushed the global economy toward recession and top producers flooded oil markets in a grab for market share. The Organization of the Petroleum Exporting Counties (OPEC) is due to meet on Thursday to address the global oil glut. OP
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