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In the petroleum industry, shutting-in is the implementation of a production cap set lower than the available output of a specific site. This may be part of an attempt to constrict the oil supply or a necessary precaution when crews are evacuated ahead of a natural disaster.
In April 2020, as a result of oil futures trading negative, Oklahoma and New Mexico voted to allow wells to shut-in in order to reduce production to combat oversupply.
References
- Staff Writer (2004-09-24). "Dictionary definition of "shut in"". Double-Tongued Dictionary. Retrieved 2008-08-19.
- Kennedy, Thomas (1978-03-01). Oil supply held precarious, gas reserves just adequate (Speech). Retrieved 2008-08-19.
- Susan Weaver (2005-08-30). "Hurricane Katrina Evacuation and Production Shut-in Statistics Report as of Tuesday, August 30, 2005". U.S. Department of the Interior. Archived from the original on September 18, 2008. Retrieved 2008-08-19.
- Liz Hampton (2020-04-22). "Oklahoma will let struggling oil producers halt output without breaking contracts". Reuters. Retrieved 2020-04-22.
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