The Texas Railroad Commission will vote on May 5 to decide whether or not the state should slash oil production amid historically low oil prices, reports Reuters.
The commission will be voting on a motion proposed by Texas Railroad Commissioner Ryan Sitton, and calls for a 20% reduction of the state’s oil output until global demand has crossed 85 million barrels a day.
Oil and gas companies have been struggling to stay afloat as global oil demand has tanked along with prices.
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