US shale oil production to increase 38,000 bpd in July -EIA
NEW YORK, June 14 (Reuters) – U.S. oil production from seven major shale formations is expected to increase from about 38,000 barrels per day (bpd) in July to about 7.8 million bpd, highest since November, The US Energy Information Administration said Monday in a monthly forecast.
The largest increase is expected to come from the Permian, the country’s most productive basin, where production is expected to increase by 56,000 b / d to around 4.66 million b / d, highest since March 2020.
The expected increase in total production was attributable to the Permian and Appalachian basins, with the other five basins expected to decline or remain stable, according to the data.
The Eagle Ford Basin in South Texas and the Bakken Basin in North Dakota and Montana are each expected to experience declines of 4000 bpd.
Production in the Bakken is expected to drop to around 1.1 million bpd, the lowest since July 2020.
US producers have stepped up their drilling activity as oil prices rebounded to around $ 70 a barrel. The number of oil and gas rigs increased for a 10th consecutive month in May. RIG / U
(Reporting by Devika Krishna Kumar in New York Editing by David Goodman and Sonya Hepinstall)
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