US oil producers say Opec ‘price war’ will halt shale boom

US shale producers are reducing drilling activity and capital spending in response to a price slump induced by Opec, with fracking crews at a four-year low and projected oil output declining to 13.1 million barrels per day by late 2026. Executives warn of a “price war” with Opec nations that threatens to undermine US production growth, as many companies pause investment until prices stabilize around $75 a barrel.

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