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4/16, 1:26 AM (Source: TeleTrader)
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Parlsey Energy CEO says Texas has to cut oil output

Texas oil producers must agree on crude output cuts as the coronavirus pandemic stifles demand, Parsley Energy Chief Executive Officer Matt Gallagher asserted on Wednesday. If the deal on the reduction of oil production is not reached, the United States may become "reliant on domestic imports again like we were before the last decade," he claimed.

"My stance is if we don’t do something quickly in the face of a pandemic, you are going to cripple this domestic industry on the other side," Gallagher said in an interview with CNBC, adding that "360,000 jobs just in the state of Texas, close to 1 million jobs across the country" in oil and gas sector are at risk.

On Tuesday, the state's biggest oil producers were reportedly unable to agree on Pioneer Natural Resources and Parsley Energy's proposition to cap crude production, with Exxon Mobil and Occidental Petroleum opposing output cuts.

Breaking the News / GA