Apache Corp.’s decision to sharply curb the growth of its oil output this year suggests that the major U.S. shale producers who helped create a global oil glut will be able to reduce supplies faster than expected. One of the biggest operators in Texas’ prolific Permian basin, Apache will cut the number of rigs it uses to drill for oil by 70 percent by the end of the month, the company said in a statement today. That’s going to slow output enough to keep overall production flat for the year, compared with the Houston-based company’s November forecast for growth of as much as 12 percent. Unlike huge, billion-dollar oil developments taking place elsewhere, U.S. shale producers surprised the world with their speed in ramping up production. That nimbleness means they’ll also be able to slow down quickly, said Tyler Priest, a historian at the University of Iowa […]