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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 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.
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.
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.
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.
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.
Wyoming’s economy is feeling the effects of drilling rig crews packing up and moving out.
The possibility of more supply entering the market has analysts already lowering their forecast price for oil into the next year.
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.
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.