Shale Output Set To Hit All Time High Next Month

14 Jun 2017   Shale Oil

While the June oil production data is still pending, it is safe to say that the June oil output from U.S. shale producers – estimated today by the EIA at 5.348mb/d – will post the first double-digit production growth since July of 2015, when oil prices tumbled and a substantial portion of U.S. production was briefly taken offline. (Click to enlarge) Chart courtesy of Forge River Research Indicatively, while over the past year total U.S. production is up roughly 525kb/d, virtually all of it, or 98.5 percent, is the result of horizontal rig production in the Permian Basin, where output is up by 507kb/d. The Permian basin has been leading the increase in horizontal oil rig count (+178 percent) (Click to enlarge) More important, however, is that according to the latest EIA Daily Prodctivity Report forecast released today, in July total shale basin output is expected to rise by […]

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