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SES - RRC proposes 20% output cut; chairman opposes measure - April 30, 2020
The Texas Railroad Commission is considering a proposal to reduce the supply of crude being extracted in the state as the industry faces unprecedented oversupply amid falling demand. The proposal outlines a 20% reduction, which would amount to about 1 MMbo/d. Small operators that produce less than 1,000 bo/d would be exempt, and non-exempt companies would face a $1,000/bbl fine for exceeding limits. The RRC is accepting public comments on the proposal through May......
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