Shale Production Rises By 80,000 BPD In Latest EIA Forecasts

14 Nov 2017   Shale Oil

Shale production at American oil production sites will increase by 80,000 barrels per day next month, according to estimates from the Energy Information Administration. So far, every month in 2017 has seen an increase in shale production as the industry profits off of production cuts by the Organization of Petroleum Exporting Countries (OPEC). The Permian Basin, located mainly in Texas, is due to see the biggest increase in production. The site will see its production rise by 58,000 barrels per day, the EIA says. OPEC just significantly overhauled its expectations for North American shale, projecting strong supply growth through the early 2020s. The revision came as part of OPEC’s World Oil Outlook (WOO), and it represents an acknowledgment from the cartel that it has failed to kill off U.S. shale by flooding the market. OPEC’s de facto leader, Saudi Arabia, has been threatening the progress of American shale producers […]

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