LONDON: A year after oil sank into a bear market, the industry is still hunkering down for a long period of low prices, with Europe’s biggest producer seeing only the first glimpses of a recovery.
In the last five months, US production sank by 590,000 barrels a day, or more than 6%. The bad news: Drillers are cutting costs with a speed and brutality not seen in decades, enabling many to continue producing at a high level even as prices remain low.
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