Wednesday, May 4, 2016

U.S. Output Tumbles as Shale Drillers Capitulate to OPEC. Chart

The U.S. shale industry is finally surrendering in the oil supply war. U.S. production has declined 5.8 percent in the past year as the Organization of Petroleum Exporting Countries continues to boost output. Domestic production tumbled 113,000 barrels a day last week to 8.825 million barrels, the lowest since September 2014, the Energy Information Administration said Wednesday.

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