Texas Railroad Commission, the state's energy regulator, will weigh a mandated cut at its next scheduled meeting, said Ryan Sitton, the commissioner who first floated 10% cuts two weeks ago.
The collapse in demand and of energy diplomacy between Saudi Arabia, Russia and others have triggered unprecedented responses from governments and investors. Here are ten signs of an oil industry in distress.
IEA's Fatih Birol said that, despite huge demand destruction, oil supply was nevertheless set to rise by another 3 million bbl/d as part of Saudi Arabia's market share battle with Russia.
The U.S. Department of Energy has withdrawn a solicitation to purchase oil for the Strategic Petroleum Reserve citing a lack of certainty around funding.
Unprecedented drop in global demand has traders looking forward to post-COVID-19 prices.
McCaul applauds efforts to convince Saudis and Russians to cut production.
Small and midsize oil producers are the focus of the initial purchases. Buyers with fewer than 5,000 employees are eligible to submit proposals.
The Trump Administration has told energy interests not to worry, that money will be found in the DOE's budget, one of the sources said, though it was unclear how much money could be appropriated.