U.S. Feb shale output expected to rise to 6.55 mln bpd: EIA
January 16, 2018
NEW YORK (Reuters) - U.S. oil output is expected to continue to rise in February with production from shale rising by 111,000 barrels per day (bpd) to 6.55 million bpd, the U.S. Energy Information Administration said on Tuesday.
A WPX Energy natural gas drilling rig in Parachute, Colorado, December 10, 2014. REUTERS/Jim Urquhart
The global oil market has been closely watching U.S. output, which may continue to contribute to global oversupply even as OPEC members, Russia and other producers curb production. The agency previously said that U.S. output could reach 10 million barrels a day in February and surge to 11 million in 2019. [EIA/M]
The agency expects oil production from new wells to grow in each of seven major regions. The Permian Basin of Texas and New Mexico accounts for the bulk of the production increase year-on-year, the data showed. At the same time, production growth in the Bakken formation of North Dakota is seen slower than a year earlier.
Eagle Ford oil output is expected to rise by 15,000 bpd to1.27 million bpd, while Bakken output is set to rise by 8,500bpd to 1.22 million bpd, the agency said in a monthly report.
Permian production is forecast to rise by 76,000 bpd to 2.87million bpd. The number of drilled uncompleted wells in the Permian is at a record....
Read entire article at Reuters.
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