Texas energy sector regulator gives up plan for mandatory cuts

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Source: Arabic.net

The energy regulator in Texas, USA, has abandoned a proposed mandatory cut in oil production.

The authority overseeing the concessions of the oil areas had urged the state last month to study a reduction of 20%, or one million barrels per day of its oil production. He promoted the idea with invitations to the Russian Energy Minister and OPEC officials.

But the plan was abandoned a day before the vote on the proposal by the commission, which regulates the state’s oil and gas sector.

Chevron, ExxonMobil and ConocoPhillip plan to voluntarily cut 660,000 bpd of their shale production by the end of next June.

And recently announced, “Dimon Pack” that it plans to reduce about 15% of its oil production during the current month, while “Parsley” indicated that it will reduce its production by 23 thousand barrels per day.

Texas is the largest US oil-producing state and pumps around 5.4 million barrels per day of crude. Last year, its production rose by 600,000 barrels per day, to about 41% of all US production.



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