US shale oil production to reach nineteen-month high

Oil

Oil production from the seven major US shale regions is set to rise by 76K b/d m-o-m and 334K b/d y-o-y to 8.22M b/d in November, rising for the fourth month in a row to the highest level since April 2020, according to drilling productivity reports published by the US Energy Information Administration (EIA). Production is predicted to increase from six of the seven top regions, with the exception being the Andarko basin which is set to decline by 1K b/d m-o-m to 362K b/d, falling for the eighth month in a row. Output from the Permian Basin, which is the largest in the US and spans across Texas and New Mexico, is expected to rise by 62K b/d m-o-m to a twenty-month high of 4.89M b/d however.