US shale oil output to rise for third consecutive month

Oil

Oil production from the seven top US shale regions is due to increase by 10K b/d m-o-m and 840K b/d y-o-y to 7.61M b/d in May, rising for the third month in a row to the highest level since January, according to drilling productivity reports published by the Energy Information Administration (EIA). Output from the Permian Basin, the largest in the US, is expected to account for most of this growth, rising by 50K b/d m-o-m and 550K b/d y-o-y to 4.47M b/d which is the highest since April 2020. Production from the Appalachia Basin is also set to edge up by 1K b/d m-o-m to 130K b/d, however output is predicted to decline from the five other major shale regions, with the Bakken Basin due to decrease by 10K b/d m-o-m to a ten-month low of 1.1M b/d.