Texas Governor Sees Opening for Shale in OPEC’s Surprise Oil Cut

• OPEC+ to slash production by more than 1 million barrels a day
• Crude surges more than 8% in response to shock announcement

 

Texas Governor Greg Abbott sees an opportunity for Lone Star State shale drillers to massively boost crude production in light of OPEC’s surprise decision to crimp output.

The leader of the biggest US oil-producing state pegged the potential increase in Texas crude production at 1 million barrels a day in a Twitter post late Sunday. That would push the state’s output above 6 million barrels a day — a level not seen in at least 43 years of Energy Department data. 

https://www.bloomberg.com/news/articles/2023-04-03/texas-governor-sees-opening-for-shale-in-opec-s-surprise-cut