U.S. shale oil production is expected to fall by a record amount in May in the seventh straight month of declines, a U.S. government forecast showed on Monday, as fallout from a 21-month price rout appears to be picking up steam. Total output is seen dropping 114,000 barrels per day to 4.84 million bpd, according to the U.S. Energy Information Administration’s (EIA) drilling productivity report. If correct, that would be the largest monthly decline since records were available in 2007. Bakken production from North Dakota is expected to fall 31,000 bpd, while production from the Eagle Ford formation is seen dropping 62,000 bpd. Production from the Permian Basin in West Texas is expected to fall 4,000 bpd, according to the data. New well oil production per rig is expected […]