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US shale oil output to fall to nine-month low in March


Oil production from the seven top US shale regions is predicted to fall by 80K b/d m-o-m and 1.62M b/d y-o-y to 7.5M b/d in March, falling for the fourth consecutive month to the lowest level since June 2020, according to drilling productivity reports published by the Energy Information Administration (EIA). Output is predicted to decrease across all seven of the major shale regions, with the Bakken Basin accounting for the majority of this decline, falling by 20K b/d m-o-m and 290K b/d y-o-y to 1.16M b/d. Production from the Permian Basin, the largest in the US, is set to decline by 5K b/d m-o-m and 540K b/d y-o-y to a five-month low of 4.31M b/d.