The Permian Basin, which straddles Texas and New Mexico, is America’s most productive oil field.
Photo: angus mordant/ReutersTexas regulators are considering curtailing oil production in America’s largest oil-producing state, something they haven’t done in decades, people familiar with the matter said.
Several oil executives have reached out to members of the Texas Railroad Commission, which regulates the industry, requesting relief following an oil-price crash, the people said. U.S. benchmark oil closed around $25 a barrel Thursday.
Texas, which hasn’t limited production since the 1970s, was a model for the Organization of the Petroleum Exporting Countries, which has sought to control world-wide oil prices in recent decades. OPEC and Russia were unable to reach a deal on reducing output in response to the coronavirus pandemic, which helped trigger the current collapse in prices.
It is unclear whether regulators will ultimately act to curtail production, but staffers are examining what would be required in such an event, the people said.
The Permian Basin, which straddles Texas and New Mexico, is America’s most productive oil field and the center of the revival in American output resulting from shale drilling, which has helped boost U.S. output to roughly 13 million barrels a day, the most in the world.
Write to Rebecca Elliott at rebecca.elliott@wsj.com
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