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US shale oil output to add 49,000 bpd in August

US shale oil output to add 49,000 bpd in August

Mubasher: Oil production from seven key US shale formations is set to rise by 49,000 next August, totalling 8.546 million barrels per day (bpd), as per predicted by the Energy Information Administration (EIA).

The biggest gain for crude output would come from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, as output is projected to grow by 34,000 bpd to 4.206 million bpd in the next month, the EIA said in its monthly drilling productivity report.

Shale production from Montana and North Dakota’s Bakken basin is set to rise by 7,000 to 1.442 million bpd, while output from the nearby Niobrara play will add another 10,000 to reach 746,000 bpd.

However, the EIA predicted that shale output from Oklahoma’s Anadarko and Texas’ Eagle Ford will post slight declines of 5,000 and 1,000 bpd, respectively, while production in Haynesville will remain stable at 43,000 bpd.

In the same vein, US natural gas production is expected to 81.958 billion cubic feet per day (Bcfd) in August, which will be up 745 million cubic feet per day higher, compared with July forecast.

Gas output would rise in most of the big shale basins next month, except for Anadarko.

By 7:50 am GMT, US Nymex crude futures fell by 0.17% to $59.48 per barrel (pb), while global benchmark Brent futures inched up by 0.05% to $66.51 pb, as Nymex natural gas futures dropped by 0.66% to $2.39 per million British thermal units (MMBtu).