Oversupply combined with dropping commodity prices could be a recipe for disaster. The free fall in crude oil prices, down more than 50% since last June, is putting the squeeze on global drilling markets, with demand for both land rigs in the U.S. and deepwater units worldwide wavering in the looming shadow of oversupply. America's newly minted leading position as the world's top oil producer has resulted in the once import-hungry nation bringing in less foreign crude. That fact, coupled with OPEC's recent decision not to curb its oil production, has placed strong downward pressure on prices, which has started to affect oil company capital spending plans for 2015 and is resulting in a mounting list of deferred drilling projects.
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