Breaking-Texas Oil Regulator Had “Great” Talks With OPEC; Invited To June Meet

By Barani Krishnan

Investing.com - Texas oil industry regulator Ryan Sitton said on Friday he had discussed the global oil and supply situation with OPEC Secretary-General Mohammed Barkindo and been invited to the cartel’s upcoming meeting in June

• “Just got off the phone with OPEC SG Moh Barkindo. Great conversation on global supply and demand,” Sitton, a member of the Texas Railroad Commission (TRC), which oversees rules for the state’s energy industry, said in a tweet. “We all agree an international deal must get done to ensure economic stability as we recover from COVID-19. He was kind enough to invite me to the next OPEC meeting in June.”

• Sitton’s remarks come as oil prices head for their second worst week since the financial crisis as the world’s three major producers — Saudi Arabia, Russia and the United States — adapt to the market’s biggest crisis in decades.

• U.S. West Texas Intermediate and London-traded Brent are down nearly 60% on the year amid a perfect storm of demand destruction caused by the Covid-19 pandemic and a production hikes-and-markets-share tussle between Saudi Arabia and Russia.

• The Wall Street Journal reported on Thursday that Texas, which last imposed curbs on oil production in the 1970s, was considering a similar move again to put a floor beneath the market. Sitton has been reported to be the major player in the initiative.
  

  Original Post