The deepest cuts in spending in the oil sector are coming out of the shale basins in the Lower 48 U.S. states, an analysis from Wood Mackenzie found. A report published Wednesday by consultant group Wood Mackenzie said global spending on exploration and production, known as the upstream sector, is down 22 percent, or $740 billion, since mid-2014, when crude oil prices started moving below $100 per barrel. Malcolm Dickson, a principal analyst for Wood Mackenzie, said nearly every country with a strong production base has seen spending move lower during the market downturn. “The deepest are in the U.S. Lower 48, where forecast capital investment has halved in 2016-17, falling by $125 billion,” he […]