North American oil explorers have only hedged about 11 percent of their oil production in 2016. That’s well below the 28 percent of oil production they’ve hedged in the third quarter of this year and , according to research firm IHS.
Government analysts say shale oil fields in Texas, Colorado, North Dakota and Ohio are set to decline by 80,000 barrels a day this month, bringing their combined daily output to 5.2 million barrels in October.
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