U.S. SHALE FREEZING
REUTERS - The U.S. shale industry plans another spending freeze next year, and a sharp slowdown in production growth, as prolific oil and natural gas output has pressured prices and squeezed profits.
Blistering growth in shale fields propelled U.S. crude output to a record 13 million barrels per day (bpd) this month.
As production swelled, U.S. crude futures dropped 7.5% in the third quarter on worries about global trade tensions. Investors have fled the sector as returns have lagged those of market indexes for years. Shale companies have been cutting…
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