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Report: Texas regulators contemplating a reduction in oil production amid coronavirus crisis

FILE - This Jan. 16, 2015, file photo shows pumpjacks operating at the Kern River Oil Field in Bakersfield, Calif., which is overseen by the U.S. Bureau of Land Management. Oil production from federally-managed lands and waters topped a record 1 billion barrels in 2019, according to the Department of Interior on Tuesday, Feb. 11, 2020. (AP Photo/Jae C. Hong, File)
FILE - This Jan. 16, 2015, file photo shows pumpjacks operating at the Kern River Oil Field in Bakersfield, Calif., which is overseen by the U.S. Bureau of Land Management. Oil production from federally-managed lands and waters topped a record 1 billion barrels in 2019, according to the Department of Interior on Tuesday, Feb. 11, 2020. (AP Photo/Jae C. Hong, File) (Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistribu)

Texas regulators are weighing a reduction in the production of oil for the first since the 1970s, The Wall Street Journal reported Thursday.

The decision could come as demand for oil across the globe has dropped significantly, with people staying home and implementing social distancing practices in hopes of avoiding the spread of the new coronavirus. The Texas Railroad Commission, which regulates the oil and gas industry, has heard from several oil executives requesting relief from the oil-price plunge, the Journal reported.

Commissioners didn’t immediately respond to request for comment from The Texas Tribune on Thursday.

Oil prices have plummeted as the coronavirus crisis deepens.