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US shale oil production to reach highest since March 2020 in June


Oil production from the seven major US shale oil regions is forecast to increase by 143K b/d m-o-m and 754K b/d y-o-y to 8.76M b/d in June, rising for the fifth consecutive month to the highest level since March 2020, according to drilling productivity reports published by the US Energy Information Administration (EIA). Output from the Permian Basin is expected to account for the majority of this increase, rising by 88K b/d m-o-m to a fresh record high of 5.22M b/d. Production from the Eagle Ford Basin is also set to rise by 27K b/d m-o-m to 1.18M b/d, the highest level since April 2020.