According to the Energy Information Administration, companies operating in U. S. shale formations will cut back production by 570,000 barrels a day in 2016, Bloomberg reported.

Bloomberg noted that the decrease in production would be a record and that the major reason for shale’s drop in expected output is due to OPEC’s depression of prices.

Due to the fact that shale drilling is expensive, the new price point for oil, currently hovering around $35 per barrel, has created distress in the industry, with several drillers already filing for bankruptcy and more expected, Bloomberg said.