Texas energy regulators on Tuesday said they will not mandate oil production cuts, ending a month-long debate about whether they would wade into global oil politics for the first time in 50 years as crude prices crater to historic lows.
Global energy demand has tumbled amid coronavirus-related travel and business restrictions and a glut of oil from shale. U.
S. crude collapsed to minus $37 a barrel on April 20. Even with recent increases in futures to $24, local prices are still below the cost of production for some oil companies.