United States Shale Industry Cut Exploration Expenditure Amid Weak Oil Prices

  • Nov 16, 2019 AEDT
  • Team Kalkine
The United States shale industry plans to slash spending and reduce production growth as oil-linked contracts remain weak in the global market.
  • The higher shale output in the United States took the domestic oil production to an average of 12.4 million barrels a day in October 2019, which in turn, coupled with weak demand exerted pressure on oil prices.
  • The fall in oil prices has already diverted many energy investors toward alternative energy sources such as renewables in the expectation of better returns.
   

 

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