WASHINGTON – April 9, 2020 – Anne Bradbury, AXPC CEO, released the following statement with regard to reports that OPEC and Russia agreed to cut production during the COVID-19 pandemic:
“US independent producers want to thank President Trump, the Administration, and Members of Congress who support American energy independence for maintaining pressure on the international players that were using this global health crisis to manipulate the oil markets and hurt US Shale. We are optimistic about the OPEC and Russian deal to help curb global oversupply and hope they will continue to evaluate production levels in coming months, given the unprecedented worldwide demand shock. US leaders should maintain focus on market-based solutions to help alleviate the supply/demand imbalance that will take time to settle.”
Data from IHS Markit shows that U.S. independents combine to produce about 83 percent of all U.S. production.
About the American Exploration and Production Council:
AXPC is a national trade association representing 25 of the largest independent oil and natural gas exploration and production companies in the United States. Dedicated to safety, science and technological advancement, AXPC members strive to deliver affordable, reliable energy to consumers while positively impacting the economy and the communities in which we live and operate. Learn more at https://www.axpc.org/