- OPEC+ to slash production by more than 1 million barrels a day
- Crude surges more than 8% in response to shock announcement
According to Bloomberg article published on April 3, 2023, 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.
Abbott’s office didn’t immediately respond to a request for comment on Monday.
West Texas Intermediate crude, the US benchmark, rose more than 6% on Monday to more than $80 a barrel. Meanwhile, the international benchmark traded in London was close to $85 after earlier jumping more than 8%.
