Relentless Oil Price War To Cause Huge Number Of Well Shut-Ins

Plunging demand, surging supply, and strained storage capacity have put so much downward pressure on oil prices that producers are now considering shutting-in oil wells.   The magnitude of these en mass shut-ins could be the largest since the mid-1980s, Bloomberg’s Javier Blas writes.   It was in 1985-1986 when OPEC’s de facto leader and largest producer, Saudi Arabia, abandoned production restraint to regain market share, roiling oil markets in the process. In an eerie semblance to events from 35 years ago,…