"Just got off the phone with OPEC SG Moh Barkindo. Great conversation on global supply and demand", Sitton said. "We all agree an international deal must get done to ensure economic stability as we recover from COVID-19. He was kind enough to invite me to the next OPEC meeting in June".
The Texas Railroad Commission regulates the oil and gas industry, gas utilities, surface uranium, and coal mining.
US President Donald Trump said on Thursday that the United States at an appropriate time will interfere in the oil price fight between Russia and Saudi Arabia. Earlier this month, the US Energy Department accused OPEC and Russia of manipulating the market after they failed to reach a volume reduction deal.
Kremlin Spokesman Dmitry Peskov said Friday that Russia and Saudi Arabia are not engaged in any price war on the oil market, the global situation is unfortunate for oil prices.
Earlier in the week, oil prices dropped following the 6 March OPEC+ meeting in Vienna which sparked the crash. OPEC+ failed to reach an agreement amid a Saudi push to raise production cuts by 1.5 million barrels per day through the end of 2020, on top of the 2.1 million barrels per day in cuts already agreed upon.