As markets brace for yet another week of total liquidation (even gold fell below $1500), oil drillers are preparing for the worst. Last time crude traded this low, back in 2016, U.S. oil firms entered survival mode, slashing costs, cutting jobs and optimizing drilling processes. But this time, there’s not a whole lot left to cut. The 2014-2016 oil price crash happened gradually, over the course of several months. 2020’s crash happened in just a few weeks and could end up being a lot more destructive. IHS Markit expects the ‘largest-ever oil glut’ to be between two and four times bigger than the 2015-2016 glut of 360 million barrels. All of this is happening at a moment that global crude demand is tumbling. Analysts even believe that the current drop in oil demand will turn out to be the most dramatic decline in history. Hedge fund chief Pierre Andurand […]