The Great Shale Shut-In Has Begun, Making Good on Trump’s Pledge

(Bloomberg) -- American shale explorers are rapidly crimping production in the country’s most prolific oil fields as the worst price crash in history threatens the industry’s survival.

Three of the biggest oil explorers in the U.S. -- Exxon Mobil Corp., Chevron Corp., and ConocoPhillips -- plan to curb as much as 660,000 barrels a day of combined American output by the end of June. Across the county, crude production by all companies has already tumbled about 1 million barrels a day since mid-March, when OPEC and its allies clinched an historic deal to trim global supply.

It’s too soon to tell how long the reductions will last but if implemented for a full year, they would overshadow any previous American production slide going back to at least 1984. Moreover, the pull-back puts the U.S. on track to fulfill the Trump administration’s pledge to removing 2 million barrels of daily supplies through market attrition.

https://finance.yahoo.com/news/great-shale-shut-begun-making-221854464.html