18 Jul US shale production set to rise for fifth straight month
Recent upward momentum in the US shale oil market is set to continue with production projected to rise for the fifth straight month, according to a forecast from the US Energy Information Administration (EIA).
The EIA’s latest drilling productivity report has projected that production across the nation’s shale oil fields will increase by 113,000 barrels a day in August, with total output expected to reach 5.59 million barrels a day.
Significantly, July’s report marks the fifth consecutive month that the EIA’s growth forecast has exceeded 100,000 barrels a day.
Key shale oil regions such as the Permian Basin in Texas and New Mexico and the Eagle Ford shale in Eastern Texas are set to make substantial contributions to the overall rise in production.
Drillers at the Permian Basin have been projected to increase production by 64,000 barrels a day in August, the largest growth of all shale fields across the nation, followed by Eagle Ford which is set to grow by 27,000 barrels a day.