Oklahoma oil regulators hear arguments on output cuts

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FILE PHOTO: An oil pumpjack is seen in Velma, Oklahoma U.S. April 7, 2016. REUTERS/Luc Cohen/File Photo

(Reuters) РOklahoma’s energy regulators on Monday began hearing arguments from producers seeking to win state-support for setting limits on oil production to help stabilize prices.

U.S. oil futures CLc1 this year have fallen about 60% to under $25 a barrel CLc1 as coronavirus-related lockdowns have crushed demand for fuel. The price collapse has companies in major oil-producing states push for regulatory action to stave off further declines.

Oklahoma last month adopted an emergency order that said some oil production could be considered

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