U.S. shale oil output to rise to record 8.52 million barrels per day in July: EIA

NEW YORK - U.S. oil output from seven major shale formations is expected to rise by about 70,000 barrels per day in July to a record 8.52 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on Monday.

Production in North Dakota and Montana’s Bakken shale basin is also expected to climb by 11,000 bpd to a record 1.44 million bpd, the data showed. Output from the nearby Niobrara basin is expected to rise by 10,000 bpd to a record high of nearly 730,000 bpd. The rig count, an early indicator of future output, has declined over the past six months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output.

That was the biggest decline in drilled but uncompleted wells since March 2018 when they fell by 107.

GaryNTrader Beats me. Rig count goes down, everyone says shale swallows capex and makes no money, but production, forecast and actual, goes up, up, up. But then I don't understand Donald Trump, either, so I guess that's my problem.

It could be double that and locals will still take it from the back at the pump!

Great idea to drill baby drill in the face of climate change. Would that this stat read 'U.S. renewable output exceeds fossil fuels'. One can dream...but not for long.

Exporting next five generations’ future of limited non-renewables....for no reason. Export ban is still best conservation measure US had since 1970s. Now its just greed and drill baby drill. Poor babies.

But yet if someone farts the wrong direction in the middle-east we get higher prices at the pump. A rigged system is still a rigged system.

Imagine for a moment if Canadian leadership had the balls to support the industry.

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