Oklahoma oil regulators set May 11 hearing on oil cuts

Liz Hampton | Reuters

Oklahoma oil regulators on Tuesday agreed to meet on May 11 to hear from state energy producers urging officials to use their authority to limit crude output in times of economic hardship.

The Oklahoma Energy Producers Alliance, along with other small producers, last week formally asked the Oklahoma Corporation Commission, which regulates the state’s oil and gas industry, to consider that low oil prices had made current production a waste of the state’s resources.

U.S. crude futures were trading around $20.75 a barrel on Tuesday, off more than 60% from the start of the year as the coronavirus pandemic eroded demand. Tuesday’s price fell about 8% despite a deal this week by major producers to curb global output.