US shale oil output to reach five-month high in June

Oil

Oil production from the seven top US shale regions is expected to increase by 26K b/d m-o-m and 290K b/d y-o-y to a five-month high of 7.73M b/d in June, rising for the first time in three months, according to drilling productivity reports published by the US Energy Information Administration (EIA). Output from the Permian Basin, which is the largest in the US, is set to account for most of this build, rising by 54K b/d m-o-m to a fifteen-month high of 4.59M b/d, with production from the Appalachia Basin also due to edge up by 1K b/d m-o-m to 128K b/d, the highest since October 2020. Output from the five other major shale regions is expected to fall however, with the Bakken Basin located in Central North America declining by 8K b/d m-o-m to an eleven-month low of 1.1M b/d.