Oil-Industry Collapse Accelerates

The collapse of the oil industry is accelerating as producers discontinue a number of drilling operations in the United States in response to the raw material price criterion and an increase in deliveries.

Oil companies left 40 platforms this week, twice as fast as last week and the steepest shrinkage since April 2015.
More than half of the shutdowns occurred in the Permian Basin of West Texas and New Mexico, an ominous sign for the industry.

 Trader Georgi Bozhidarov

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