Oil Production Reduction
The Texas Railroad Commission, which oversees oil production in Texas, has proposed a 20% reduction in oil production. This proposal is being objected to by larger oil producers, such as Exxon.
The OPEC/OPEC+ meeting last week resulted in an agreement that totaled a reduction of 9.7 million barrels per day (bpd) between all members combined.
Oil production in Texas accounts for roughly 4 million bpd, so a 20% reduction would be 80,000 barrels.
However, due to economic pressures and the expense of shale oil drilling being so high, shale…