4/14, 8:40 PM (Source: TeleTrader)
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Report: Texas oil producers clash over caps

Texas oil companies are divided on whether to cap crude production as prices continue to suffer amid the coronavirus pandemic, the Wall Street Journal reported on Tuesday.

The virtual meeting of the Railroad Commission of Texas, which will decide on cutting output in the state, is taking place after the historic OPEC+ deal reached earlier this month to end the Saudi-Russia price war and support crude prices hammered by dwindling demand. .

Pioneer Natural Resources and Parsley Energy have come out in support of slashing output, while Exxon Mobil and Occidental Petroleum are opposed to curtailing production, a move the state of Texas last introduced in March of 1972.

Breaking the News / JC