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.
The U.S. Department of Energy has withdrawn a solicitation to purchase oil for the Strategic Petroleum Reserve citing a lack of certainty around funding.
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.
"I don't know that that's going to be presented in any formal way ... as part of the public policy process," Energy Secretary Dan Brouillette told Bloomberg.
Texas oil regulator Ryan Sitton said OPEC Secretary-General Mohammad Barkindo was "kind enough to invite me to the next OPEC meeting in June."
The Texas oil and gas regulator, the Texas Railroad Commission, imposed production limits on producers in the 1930s to try to prop up prices and later was a model for the creation of OPEC.
Analysts saw the rebound as a brief reprieve, anticipating additional weakness as the coronavirus outbreak takes its toll on global oil demand.