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(Alexander Zemlianichenko Jr./Bloomberg)

Wood Mackenzie: Just 0.1 percent of global crude output shuttered by cheap oil

Though crude is cheaper than during the financial crisis seven years ago, global oil prices haven’t fallen far enough yet to force oil producers to shut in more than 0.1 percent of the world’s daily supply.
In this April 24, 2015 photo, pumpjacks work in a field near Lovington, N.M. (AP Photo/Charlie Riedel)

OPEC sees global flow of oil squeezed harder in 2016

In its monthly oil market report, OPEC predicted the oil bust will force global non-OPEC output to sink by 660,000 barrels a day this year, a 69-percent downward revision of its prior monthly forecast.

Magnitude 4.2 earthquake hits north of Oklahoma City

The Oklahoma Corporation Commission issued a statement Friday saying its Oil and Gas Division staff is taking action in response to the earthquakes in Edmond and that details should be available Monday.
Workers prepare drilling pipe on the Petroleos Mexicanos (Pemex) La Muralla IV deep sea crude oil platform in the waters off Veracruz, Mexico, on Friday, Aug. 30, 2013. (Susana Gonzalez/Bloomberg)

Pemex oil production hampered by accidents, budget cuts

Mexico’s 2015 oil production is the lowest since at least 1990, when the government began recording output, and is more than 100,000 daily barrels below the original 2.4 million daily barrels forecast for the year by Chief Executive Officer Emilio Lozoya.
Petroleum Economist Karr Ingham presenting his Midyear 2014 Texas Petro Index, an assessment of the oil industry based on a number of economic metrics.
(For the Chronicle/Gary Fountain, July 24, 2014)

Karr Ingham: Oil crash “deepest and longest” in history of Texas Petro Index

An index measuring the health of the Texas oil industry tumbled again in October for the 11th straight month as producers shut down additional rigs and more of the state’s oil and gas workers lost their jobs.
Workers at the Weatherford rod-pump manufacturing plant prepare to move parts into the plant Thursday, June 26, 2014, in Katy. (Brett Coomer/Houston Chronicle)

Texas manufacturing picks up for the first time in months, but outlook is still negative

The Fed’s data showed a continuing pall over the outlook for the Texas manufacturing sector, hit hard by a collapse in crude oil prices and a pullback in drilling activity in the state’s biggest shale plays.
(Brett Clanton/Houston Chronicle)

With little drilling, Wyoming oil surge not expected to last

Wyoming’s economy is feeling the effects of drilling rig crews packing up and moving out.
An oil worker walks by an oil pump during a sandstorm in the desert oil fields of Sakhir, Bahrain

FILE - In this Thursday, Jan. 8, 2015 file photo, an oil worker walks by an oil pump during a sandstorm that blew in, in the desert oil fields of Sakhir, Bahrain. Across a Mideast fueled by oil production, low global prices have some countries running on empty and scrambling to cover shortfalls, even as more regional crude is on tap to enter the market.(AP Photo/Hasan Jamali, File)

In a Mideast upset by cheap oil, more crude may enter market

The possibility of more supply entering the market has analysts already lowering their forecast price for oil into the next year.
Lee Tillman, of Marathon Oil Company, delivers remarks in  the Unconventional Impact Pane during the Offshore Technology Conference at NRG Park on May 5, 2014, in Houston, Tx. (Mayra Beltran/Houston Chronicle)

Despite spending cuts and cost savings, Marathon Oil posts $386 million loss

A collapse in crude prices trumped other efforts by the Houston-based exploration and production company to balance its budget, including boosting its production and paring back its budget.
(Eddie Seal/Bloomberg News)

2015 already a record year for writedowns, IHS says

Beleaguered drillers wrote off $29 billion in the first quarter of the year alone, more than the 2014 full-year total of about $25 billion.