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Bloomberg
Some drillers in the biggest North American oil field are reopening wells shut in response to the pandemic-driven price collapse, according to pipeline giant Energy Transfer LP.
In the Permian Basin’s Midland region, about 8% of oil volumes that feed Energy Transfer’s pipe network had been shut at the start of the month, Mackie McCrea, the company’s chief commercial officer, said during a conference call. “As of today, we’ve seen about 25% of that turned back on,†McCrea said.
The reopening of wells shut for as little as a few weeks may undermine US President Donald Trump’s pledge to assist a coalition of Opec and allied oil producers like Russia in taming a global gut.