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US oil production drop steeper than expected

Data suggest largest reductions are in Texas’s Permian shale field and North Dakota’s Bakken as low crude prices bite

US oil production is falling more steeply than expected, forcing analysts to scale back output projections even before a deep plunge in planned upstream spending further cuts supply later this year. Genscape, a unit of consultancy Wood Mackenzie, said production by May 20 had dropped almost 20 per cent, or 2.3m barrels a day, from…

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