US shale oil production set to fall for fourth consecutive month
Oil production from the seven top US shale regions is expected to decrease by 90K b/d m-o-m and 1.55M b/d y-o-y to 7.52M b/d in February, falling for the fourth month in a row to the lowest level since June, according to drilling productivity reports published by the Energy Information Administration (EIA). Production is set to fall across all seven of the major regions, with the largest decline expected to come from the Bakken Basin located in Central North America, which is set to fall by 20K b/d m-o-m to 1.19M b/d. Output from the Permian Basin, the largest in the US, is predicted to decrease by 13K b/d m-o-m to 4.32M b/d which is the lowest level since September. Despite the monthly decline, production from this region is set to increase by 264K b/d y-o-y however.