The largest U.S. oil producer Exxon Mobil Corp on Wednesday said it opposes Texas energy regulators mandating any oil production cuts in the face of plunging energy prices.
Exxon is the latest large oil company to oppose the idea of curtailing oil output, calling the free market “the most efficient means of sorting out the extreme supply and demand imbalances we are now experiencing,” in a letter from Staale Gjervik, president of Exxon’s shale division to state regulators. Chevron Corp and Occidental Petroleum have also opposed a coordinated pullback in Texas oil production.
The state’s Railroad Commission, which has the authority to mandate production curbs in the state, will consider next week a proposal to require larger oil producers to cut output by 20% beginning May 1. The state’s two other commissioners took to Twitter last week to distance themselves from Sitton, saying they had not yet made up their minds. Passage requires two of three to agree on curbs, which would be the first by the state in nearly 50 years.
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