EIA Projects US Oil Production to Expand By 38,000 Bpd Next Month

Source: EIA

Energy Information Administration projects US shale productivity from the seven major basins to grow by 38,000 bpd next month. CL1! is up 1.34%.

• The crude oil output from the seven major basins is expected to rise to 7.803 million bpd next month. 
• The 7.803 million bpd increase is one of the highest production levels the company has experienced since November last year. 
• Most of the increase is expected to come from the Permian, Shale’s largest basin, which is set to see production increase by 56,000 bpd to 4.663 million bpd.
• EIA expects 2021 crude oil production to rise to 11.04 million bpd, but under January 2021 levels, the total US shale is still almost 2 million bpd. 
• EIA projects that a significant investment amount is required for the US shale oil production to return to the previous high record of 13.1 million bpd.

Through increased drilling activities, with the largest basin gaining 61 rigs since the beginning of 2021, EIA expects high growth rate.