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EIA Forecast Higher Shale Production

OIL

The EIA forecast that oil production in the Permian in Texas and New Mexico is due to rise 84,000 bpd to a record 5.316 million bpd in July in its productivity report out yesterday.

  • Total production across major US shale oil basins will rise by 143,000 bpd to 8.901 million bpd in July, the highest since March 2020, the EIA projects.
  • In the Bakken in North Dakota and Montana, the EIA projects oil output will rise 19,000 bpd to 1.197 million bpd in July, the most since November 2020.
  • In the Eagle Ford in South Texas, output will rise 28,000 bpd to 1.180 million bpd in July, its highest since April 2020.
  • Total natural gas output in the big shale basins will increase 0.8 billion cubic feet per day (bcfd) to a record 92.3 bcfd in July.
Energy BulletsCommodities
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