No one expected US shale oil output cuts to happen so fast

Shale oil drillers are laying down rigs and shutting in wells at a frantic pace in response to the plunge in oil prices caused by the coronavirus pandemic.

NEW YORK: In brokering the end to the global oil-price war last month, the Trump administration assured leaders that America’s shale patch would throttle back production.

But few expected that the cuts would run this deep -- and happen so quickly.