US oil giant halts shale output, seeks to cancel sales contracts

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Sat, 2020-04-25 03:51

NEW YORK: The largest oil producer in North Dakota has halted most of its production in the US state and notified some customers it would not supply crude after prices dived into negative territory this week, sources said.

Continental Resources Inc, the company controlled by billionaire Harold Hamm, stopped all drilling and shut in most of its wells in the state’s Bakken shale field, three people familiar with production in the state said.

Global oil prices have plunged because of excess supplies and tumbling demand due to the coronavirus crisis.