Shale Drillers Retrench as Trump and OPEC Hammer Oil Prices

Oil producers in the biggest US shale basin are reining in drilling at a faster pace after prices plummeted below $60 a barrel, threatening to choke supply from the world’s top crude producer.

This week Diamondback Energy Inc. and Coterra Energy Inc. announced more than $500 million of combined spending cuts in the Permian Basin of West Texas and New Mexico, joining EOG Resources Inc. and Matador Resources Co., which already revealed plans to jettison rigs there.

For much of the past decade, shale has been one of the biggest drivers of global oil production growth. Now, cutbacks are ...