U.S. shale production to drop off by record volume next year

Shale drillers will cut production by a record 570,000 barrels per day in 2016, according to the Energy Information Administration. Bloomberg notes companies’ admirable efforts in 2015 to rein in costs and produce more efficiently may not be enough in the new year as oil hovers near $35 per barrel. Meanwhile, the global oil market will likely be oversupplied through the first half of 2016, despite the drop in U.S. production.