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Shale runs out of survival tricks as Opec ramps up pressure

Declining oil price a devastating blow for an industry that is already pushing its cost-cutting efforts to the limits

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The Energy Information Administration now predicts that companies operating in US shale formations will cut production by a record 570,000 barrels a day in 2016.

Houston

IN 2015, the fracking outfits that dot America's oil-rich plains threw everything they had at US$50 a barrel crude. To cope with the 50 per cent price plunge, they laid off thousands of roughnecks, focused their rigs on the biggest gushers only and used cutting-edge technology to