American crude oil output is set to rise by 1.8 million barrels per day from the nation’s largest shale producing areas over the next year, according to new forecasts by the U.S. Energy Information Administration (EIA). Just next month, national output will climb up 111,000 bpd. The Drilling Productivity Report, which tracks production from the seven most prolific basins in the US, also said production in January should touch 6.438 million barrels per day, which is 24,000 bpd higher than December levels. The 1.8 million-jump equals the volume of production cuts sustained by the Organization of Petroleum Exporting Countries and several allied nations, including Russia, who have agreed to contribute to the global market rebalancing plan. So far, prices have risen steadily through 2017 after a year of indecision in 2016, but the international plan is set to expire in December 2018, with members conducting an official review of […]