shale oil

U.S. oil output from seven major shale formations is expected to rise by about 38,000 barrels per day (bpd) 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, the top-producing basin in the country, where output is expected to 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, with the other five basins expected to decline, or remain flat, the data showed.

The Eagle Ford basin in South Texas and the Bakken basin in North Dakota and Montana are each expected to register declines of 4,000 bpd.

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Source: Reuters

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