US Shale oil production to reach 25-month high in April

Oil

Oil production from the seven major US shale oil regions is expected to increase by 117K b/d m-o-m and 753K b/d y-o-y to 8.71M b/d in April, rising for the fourth consecutive month to the highest level since March 2020, according to drilling productivity reports published by the US Energy Information Administration (EIA). In its previous report the EIA had estimated that total output would reach 8.71M b/d in March, however production for this month has since been revised down to 8.59M b/d. In April, output from the Permian Basin is set to rise by 70K b/d m-o-m to a record high of 5.21M b/d, with production from the Eagle Ford basin also expected to increase by 23K b/d to 1.15M b/d.