OKLAHOMA CITY (AP) — The Oklahoma Corporation Commission approved an emergency order on Wednesday that allows oil producers to stop or reduce production without losing their leases for non-production.

The three-member, all-Republican panel that regulates the oil and gas industry in Oklahoma issued its emergency order Wednesday amid a collapse in oil prices. The per-barrel price has plummeted as demand dried up, and an oversupply has limited storage capacity.

One Oklahoma producer who testified that he operates about 600 wells in the state said he is currently losing $200,000 monthly by produci...