09-11-2015, 10:18 PM
Here is the article, US shale is starting to crack:
Oil supplies outside OPEC will decline next year by the most in more than two decades as the price rout curbs U.S. shale output, according to the International Energy Agency. Production outside the Organization of Petroleum Exporting Countries will fall by 500,000 barrels a day to 57.7 million in 2016, the Paris-based adviser said Friday in its monthly report. While fuel demand this year will be the strongest since 2010, record-high oil inventories in developed nations won’t start to diminish until the second half of next year, and the revival of Iranian exports with the removal of sanctions may swell supplies further, it said.
IEA Sees Oil Supply Outside OPEC Falling by Most Since 1992 - Bloomberg Business
A renewed plunge in oil prices and the winding down of other financial lifelines is forcing shale drillers to auction off once-prized assets and settle for less in potential deals. This week, companies such as Chesapeake Energy Corp. said they are embracing the strategy as they confront the reality of a prolonged, painful crash. While executives have assured investors that it won’t be a fire sale, recent deals suggest that prices have fallen significantly from even a few months ago, according to data compiled by Bloomberg.
Shale drillers turn to asset sales as early swagger wanes
The oil bust’s toll on corporate payrolls continues to grow. Job cuts in the petroleum industry reached nearly 196,000 globally last week, according to a Houston energy consultant, after ConocoPhillips said it would cut 10 percent of its workforce and other energy firms announced more layoffs.
Global Job Cuts in the Oil Industry Nearing 200,000 : Greentech Media