Despite all their spending cutbacks and idle drilling rigs, American energy producers are finding it hard to turn off the taps that have helped lead to a global glut of oil. Rising crude production was a major theme in the past week as shale drillers reported their second-quarter earnings. Analysts say American oil pumpers need to cut their output by at least 500,000 barrels a day to stem the oversupply that has sent oil prices tumbling over the past 14 months to just under $45 a barrel. But monthly oil production rose steadily through March, peaking at a record 9.7 million barrels a day that month and just slightly less in April, before edging down to 9.5 million barrels in May, according to the latest federal data. “We need to cut a whole lot more,” said Jamie Webster, a senior director at IHS Energy, a consultancy. “This industry has […]