Comments from Texas Railroad Commissioner Ryan Sitton
Comments from Sitton:
Just had a great conversation with [Russian oil minister Alexander Novak]. While we normally compete, we agreed that COVID19 requires unprecedented level of int'l cooperation. Discussed 10mbpd out of global supply. Look forward to speaking with Saudi Prince Abdulaziz bin Salman soon.
Sitton hosted a webinar yesterday where he explained why he was pushing for a cut but he's one of three commissioners and he needs another vote. He could probably get that with the President on board but Texas is less than half of US production so you're maybe getting 500K bpd of curtailments there and you need to find about 1.3 mbpd.
Still, it's a start and it's put a line under the latest drop in oil for now.
