- Even as crude oil is cheaper than during the financial crisis seven years ago, global oil prices have not fallen far enough yet to force oil producers to shut in more than 0.1% of the world’s daily supply, according to a new oilfield analysis from energy consultant Wood Mackenzie.
- Just 100K bbl/day out of the 96.1M bbl/day of oil pumped worldwide have been closed so far since the price plunge, most of it in Canada's oil sands, conventional U.S. projects and aging fields in the U.K. North Sea, according to the analysis.
- The data suggests if oil prices stay at current levels, the oil market will have to wait out a slow, natural decline in worldwide crude production before the large oversupply that has kept prices low for months can be corrected.
- ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM