US shale industry expected to shrink sharply as oil price falls
by Jillian Ambrose Energy correspondent from Environment | The Guardian on (#529HD)
Producers forced to shut rigs as demand slumps and US market drops below $18 a barrel
The US shale industry is expected to shrink by more than 2m barrels a day following a collapse in global oil prices which has forced oil producers to shut down their fracking rigs.
The US oil market slumped to fresh 18-year lows and below $18 a barrel on Friday following one of the biggest hikes in US oil stocks on record as demand for oil continues to fall and storage facilities near their limits. The international benchmark oil price fell to $28 a barrel.
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