UPDATE 3-Texas regulators put off vote on oil curbs a day after historic price reversal [Reuters]
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Source: Reuters
Texas regulators decline to curtail oil and gas output for now (Reuters) - The day after U.S. crude prices crashed into negative territory for the first time ever, Texas oil and gas regulators on Tuesday declined to force producers to curtail oil output for the first time since 1972. 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. On Monday the May futures contract for U.S. crude closed at a negative $37.63 a barrel as traders desperate to avoid owning oil paid others to take it. Two of three Texas Railroad Commissioners, Chairman Wayne Christian and Christi Craddick, said they wanted legal advice before starting production curbs and wanted the state attorney general to weigh in on their legality. Commissioner Ryan Sitton said he was ready to curb output by 1 million barrels per day, or 20%
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