U.S. oil output from seven major shale formations is set to rise by about 38,000 barrels per day (BPD). This is set in July to about 7.8 million BPD. The highest since November, the U.S. Energy Information Administration said in a monthly forecast on Monday.
The biggest increase is set to come from the Permian. They are the top-producing basin in the country. The output will rise by 56,000 bpd to about 4.66 million bpd, the highest since March 2020.
The forecast increase in total output was attributable to the Permian and Appalachia basins. There are expectations for the other five basins to decline or remain flat.
Expectations are for it to register declines of 4,000 BPD. The Eagle Ford basin in South Texas and the Bakken basin in North Dakota and Montana.
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