The US drilling activity for oil and natural gas declined to record low since 1940 in the wake of weaker oil prices in the global markets. Oil firms are also reducing their spending budgets this year owing to adverse conditions in the markets
West Texas
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Oil production from the United States' biggest shale plays is poised to keep expanding at the same breakneck pace into early next year, according to new U.S. projections released on Monday that highlighted a slow response to tumbling prices.
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