NEW YORK - U.S. crude oil output from seven major shale formations is expected to rise by about 80,000 barrels per day in May to a record 8.46 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on Monday.
The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 42,000 bpd to a fresh peak of about 4.14 million bpd in May. Production growth in the Permian and other key shale basins have slowed as oil prices fell in the fourth quarter and many shale companies cut spending in the face of investor pressure to focus on earnings growth instead of increased output.
Why are we putting shale in barrels?
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