© Reuters. FILE PHOTO: Drilling rigs operate at sunset in Midland, Texas, U.S., February 13, 2019. Picture taken February 13, 2019. REUTERS/Nick Oxford/File Photo
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(Reuters) – U.S. oil output from top shale-producing regions is on track to fall for a third month in a row in October to the lowest level since May 2023, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday.
U.S. oil output is expected to fall to 9.393 million barrels per day (bpd) in October from 9.433 million bpd in September, EIA data showed. A record 9.476 million bpd was hit in July.
The estimated decline of about 41,000 bpd would be the biggest monthly drop since December.
Crude output in the Permian Basin in Texas and New Mexico, the biggest U.S. shale oil basin, is expected to fall by nearly 26,000 bpd to 5.773 million bpd, the lowest since April.
Crude production in the South Texas Eagle Ford (NYSE:F) region is due to fall by 17,000 bpd to 1.109 million bpd, the lowest since December 2022.
However, oil production in the Bakken region of North Dakota and Montana is due to rise about 3,000 bpd to 1.227 million bpd, the highest since November 2020.
Source: Investing.com
