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Low oil prices hurting US shale operations

Rig counts are starting to drop in the US and elsewhere, but due to the long lead-time for most oil projects, it could be a while before production begins to decline in a significant way.

THE number of active rigs drilling for oil and gas fell by their most in two months, according to the latest data from oil services firm Baker Hughes. There were 19 oil rigs that were removed from operation as of Oct 17, compared to the prior week. There are now 1,590 active oil rigs, the lowest