America’s surging shale oil production shows little sign of abating, despite industrywide spending cuts, as explorers learn to do more with less. Almost all the independent producers have reduced their budgets for 2019, but many still expect to deliver double-digit growth in production this year, fourth-quarter earnings reports show. Growth is slowing but still strong: the U.S. will add about 1.45 million barrels of oil a day on average this year, down from 1.6 million in 2018, according to the Energy Information Administration. “The machine still has enough cash available that it can continue to grow at a rate that’s material,” Raoul LeBlanc, a Houston-based analyst at IHS Markit, said by phone. The rest of the world “is now not going to be flooded with oil, but still mildly glutted.” The tumble in […]