U.S. OIL SERVICE DOWN
REUTERS - Packers Plus Energy Services, a company built on the North American shale oil boom, is turning to the Middle East to weather a new round of spending cuts by producers amid warnings of a looming oil glut.
Oil production has outpaced demand by 900,000 barrels per day (bpd) this year, according to the International Energy Agency, which expects increases to add a net 136 million barrels to the global surplus by March. Spending cuts by producers also have sharply cut service providers' margins, a June survey of 60 providers by the Dallas Federal…
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