EIA Sees Record U.S. Shale Output Despite Slow Growth

The biggest U.S. shale regions are expected to produce a record-high level of crude oil in July. Growth is sputtering and set to be the slowest since December 2022. With that, data from the Energy Information Administration (EIA) showed on Monday.

The seven main shale-producing regions in the United States are expected to pump 9.375 million barrels per day (bpd) of crude oil next month. It is a record high, according to estimates in the EIA’s Drilling Productivity Report.

While output could reach an all-time high, it would be only 8,000 BPD higher than the estimated June crude oil production of 9.367 million bpd.

TOP Producing Region by EIA

The Permian, the top-producing region, is set to see only a 1,000-bpd increase in output. This is even July production is expected at a record 5.763 million bpd. The rise in output would be the smallest in the Permian since February 2023.

The Bakken region will lead the gains with crude oil production set to rise by 7,000 bpd. This is from June to 1.214 million bpd in July. According to EIA’s forecasts, the estimated production from the shale basin in North Dakota and Montana would be the highest since November 2020.

While small gains are expected in the other regions, Eagle Ford is expected to see its crude oil production drop by 5,000 bpd to 1.117 million bpd. This would be the lowest output level since April 2023.

In natural gas output, the Permian will lead gains in July. This will be followed by Bakken and Appalachia. The output in the Anadarko and Eagle Ford basins is set to decline next month compared to June, according to the EIA estimates.

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Source: Oil & Gas 360

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