(Bloomberg) -- Oklahoma is joining Texas in formally contemplating crude output curtailments to cope with a collapse in prices as some producers in the oil-rich state press for action.
The Oklahoma Corporation Commission will hold a meeting on May 11 to consider whether the state’s crude is being wasted at current prices and, therefore, should be curbed. The effort is being spearheaded by the Oklahoma Energy Producers Alliance, which filed a formal motion last weekend.
This latest development comes as Texas holds a marathon hearing to weigh similar proposals in the Lone Star State. As of 3 p.m. in Houston, the Texas Railroad Commission had heard from roughly 20 speakers signed up to testify at Tuesday’s meeting, with more than 30 executives, environmental groups, and consultants still scheduled to share their thoughts.
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While some smaller producers in Oklahoma support curtailments, not everyone is on board. A separate industry group, the Petroleum Alliance of Oklahoma, has called such requests “naive.”
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