Rhett Morgan | Tulsa World
The Oklahoma Energy Producers Alliance has asked the Oklahoma Corporation Commission to curtail state oil production because of world oversupply.
An application to the OCC was filed Friday on behalf of the alliance and 11 Oklahoma companies.
The price of Oklahoma crude oil has crashed over the past three months from a high of almost $60 per barrel to at or under $20 a barrel.
“The drilling and production of oil at these prices are absolutely below the true value of that oil and at a level that constitutes economic waste,” Joe Warren, who heads Oklahoma’s Cimarron Production, said Friday in a virtual meeting. “We are pleading with the commission to step in and perform its statutory duty and obligation to take action.”