US oil production is experiencing a decline, with many drill rigs being closed all across the country, the German media source reported.
Energy companies are unable to fund expensive fracking activities as the oil price remains at a comparatively low level of about $66 per barrel compared to $90 per barrel in October 2014.
In January, oil production declined in the fracking formations of Eagle Ford, Bakken and Permian companies by about 110,000 barrels per day. This decline is a part of a systematic reduction in the number of fracking systems that have been previously used, oilprice.com reported.
Low oil prices have led to a reduced "cash flow", with many oil companies reporting a liquidity loss.
Earlier, the oil billionaire T. Boone Pickens said that overproduction in the US fracking industry has to be stopped in order to raise oil prices over the long term.
