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https://www.spglobal.com/platts/en/market-insights/latest-news/oil/0...
"Texas does not operate in a vacuum," Christian said, describing himself as a "free-market conservative" opposed to government controls. "If we prorate our oil, there is no guarantee other nations, or even states, will follow suit."
The Texas Railroad Commission has not imposed supply curbs on its producers since 1972, and Christian said he doubted whether staff at the agency would have the experience and technical know-how to implement another one properly.
Sitton, however, has been pushing the idea of coordinating a production cut with Saudi Arabia and discussed the idea on the phone with Barkindo. Saudi Arabia is OPEC's largest producer by far and announced plans to flood the market after the bloc failed earlier this month to agree with erstwhile ally Russia on deeper cuts in response to the coronavirus outbreak.
"In theory, Texas could cut production by 10%, and if Saudi Arabia is willing to cut production by 10% from its pre-pandemic levels and Russia is willing to do the same, it would return the market to pre-crisis levels (and only somewhat oversupplied)," Sitton wrote in an opinion piece for Bloomberg.
Edited by JonSCKs 3/25/2020 10:12
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Pompeo talking to Saudi’s
