US oil and gas production to set new highs in September

The Permian basin and the Haynesville shale are leading increases in US oil and gas production. This is what the US Energy Administration (EIA) said in its monthly drilling productivity report.

The EIA estimates that gas production from unconventional plays is in the report. It stated that it will surpass 93.8 billion cubic feet per day in September. It is an increase of 673 million cubic feet per day over August.

Crude oil includes lease condensate. The sum of individual states may not equal total U.S. volumes due to independent rounding. Volumes are at the nearest whole number which is a zero may indicate a volume of fewer than 0.5 thousand barrels per day. Previous months’ production volumes may have been revised for all states/areas. Percent change is calculated using unrounded values.

• The August Short-Term Energy Outlook (STEO) is subject to heightened uncertainty resulting from Russia’s full-scale invasion of Ukraine, how sanctions affect Russia’s oil production, the production decisions of OPEC+, the rate at which U.S. oil and natural gas production rises, and other contributing factors. Less robust economic activity in our forecast could result in lower-than-forecast energy consumption.

• We forecast the spot price of Brent crude oil will average $105 per barrel (b) in 2022 and $95/b in 2023.

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Source: Upstream

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