Texas oil regulator to address OPEC meeting in June
This sounds like a done deal
Some headlines have cut down oil saying that when they met today they didn't discuss cuts but they can't cut formally together because it's against US laws. It would have to be more of a coincidental thing.
Ryan Sitton, the Texas Railroad Commissioner, wrote a op-ed today for Bloomberg where he basically told us that he's about to order a cut.
"First, for those of us in the oil and gas industry, this is an opportunity to evolve. How can we find opportunities to cut costs and improve productivity? When demand does come back, how
can we be ready to move fast to fill it? How can we use data to reduce risk and predict system performance so that our overall risk profile goes down? Slowdowns create the opportunity for us to develop new tools and solutions to capitalize on future opportunities. That is how we have always been successful. Second, this is an opportunity for the U.S., especially Texas, to lead in a way we haven't in a generation. No one - not the Saudis, Russians, Americans or anyone else."
The commissioner also tweeted this. It's dire times in the Texas oil industry: