U.S. shale producers open talks with OPEC - WSJ

Mar. 20, 2020 1:10 PM ETThe United States Oil ETF, LP (USO), CVX, OXY, CXO, PXD, FANG, EOG, APA, XOM, CTRA, PE, SHEL, DVNAPA, OXY, XOM, DVN, CVX, EOG, SHEL, PXD, USO, CTRA, CXO, FANG, PEBy: Carl Surran, SA News Editor385 Comments
  • OPEC secretary general Mohammed Barkindo will meet today with Texas railroad commissioner Ryan Sitton, whose agency oversees the U.S.'s biggest oil producing state, WSJ reports.
  • The talks come as the Texas regulator reportedly considers curtailing production for the first time in decades, as shale oil companies, which are heavily in debt and produce at a higher breakeven price than conventional producers, have been hit hard by the Saudi-Russia oil price war.
  • Proposed cuts in U.S. oil production are seen as way to help OPEC broker a truce in the price war, according to the report.
  • WTI crude oil (NYSEARCA:USO) -2.8 to $24.52/bbl in choppy trading after rising early and then falling as much as 10%.
  • Top Permian Basin producers include CVX, OXY, CXO, PXD, FANG, EOG, APA, XOM, XEC, PE, RDS.A, DVN, NBL

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