The US Energy Information Administration (EIA) on June 15 said that US shale oil production would fall by 3,000 bpd from June to the lowest in two years at 7.632 million bpd in July. For this month, shale oil production in the US is expected to stand at 7.725 million bpd, trimmed by 97,000 bpd from EIA’s previous forecast.
Oil production from all seven major US shale basins reached its highest at nearly 9 million bpd in March. However, EIA said that output from these regions would see monthly drops in July. Crude output in the Permian Basin is seen to fall to 4.27 million bpd this month, 20,000 bpd lower than EIA’s previous outlook. In July, the region is expected to produce 4.263 million bpd of oil, the lowest since May last year.
The Eagle Ford will likely experience the most significant drop of 28,000 bpd from June to 1.173 million bpd in July, the lowest since August 2107. Crude output in the Bakken is expected to decrease by 5,000 bpd month-on-month to 998,000 bpd in July, falling below 1 million bpd for the first time since January 2017.
