UPDATE 1-Texas energy regulators to vote on production curtailments in May 5 meeting [Reuters]
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Source: Reuters
Texas energy regulators to vote on production curtailments in May 5 meeting (Reuters) - Texas energy regulators will next week vote on a controversial proposal to reduce the state’s oil output after delaying it on concerns of legal challenges. The vote follows a motion submitted by Texas Railroad Commissioner Ryan Sitton, who has already been vocal about the need for curtailments to address historically low oil prices. Oil and gas companies have been gushing red ink and cutting tens of thousands of workers as prices tumble, prompting regulators in the largest U.S. oil-producing state to wade into global oil politics and consider some producers’ calls for cuts. Sitton's motion calls here for curtailments of 20% of the state's output and if agreed, curbs would remain in place until the Railroad Commission of Texas (RRC) determines that global demand has crossed 85 million barrels of oil per day. At a meeting last Tuesday, the day after U.S. crude prices crashed into negative territory f
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