The Trump administration is considering intervening in the Saudi-Russian oil-price war, and Texas regulators are weighing whether to curtail crude production for the first time in decades, as U.S. producers suffer from a historic crash in prices.

Administration officials are exploring a diplomatic push to get the Saudis to cut oil production and threats of sanctions on Russia aimed at stabilizing prices, after U.S. oil companies pressed them to intercede, people familiar with the matter said.

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