Shale explorers will likely cut spending budgets next year for the first time since the last price crash as crude spirals down again, analysts said. (Bloomberg) — Shale explorers will likely cut spending budgets next year for the first time since the last price crash as crude spirals down again, analysts said. U.S. benchmark oil prices have dropped by more than a third from an Oct. 3 high, the largest percentage decline since early 2016. West Texas Intermediate is now hovering just above $50 a barrel, the minimum price most big shale companies plan their growth around, down from averaging almost $67 this year through September. That means companies will sacrifice some production growth to keep a lid on expenditure, according to Wood Mackenzie Ltd. and RS Energy Group. “Something has to give,” said Andy McConn, a Houston-based analyst at Wood Mackenzie. “We expected some minor increases in budgets […]