One month ago, we reported that based on recent data , June oil output from shale producers would 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. While the final data has yet to be tabulated, it is safe to say that this is now the case. (Click to enlarge) Indicatively, while over the past year total U.S. production was up roughly 525kb/d, virtually all of it, or 98.5 percent, was the result of horizontal rig production in the Permian Basin, where output rose by just over half a million barrels per day. The Permian basin has been leading the increase in horizontal oil rig count (+184 percent) Also of note is that while U.S. rig shows no signs of slowing yet, in its latest Weekly Oil Rig Monitor, Goldman predicted that $45/bbl […]