Texas Railroad Commissioners are digesting nearly 10 hours’ worth of testimony received during a public hearing April 14 as they consider whether to mandate a 20% oil production cut or let market forces play out without intervening.

A decision on the request, brought by Permian Basin players Pioneer Natural Resources Co. and Parsley Energy Inc., could come April 21 when the three-person regulatory panel meets again. Much is riding on the decision that would remove about 1 MMbbl/d of Texas production from the oversupplied global oil market amid a pandemic that has slowed demand.

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Onshore