NEW YORK (Reuters) – U.S. shale production for November is forecast to rise for a 11th consecutive month, the U.S. government said on Monday, as U.S. prices () stabilize around $50 a barrel.
U.S. oil output is expected to increase by 82,000 barrels per day (bpd) to 6.12 million bpd, according to U.S. Energy Information Administration’s drilling productivity report.
North Dakota’s Bakken output is set to rise by 7,600 bpd to 1.1 million bpd, the most since March 2016, while Eagle Ford oil output in Texas is set to rise by 2,500 bpd to 1.2 million bpd.
Permian production is forecast to rise by 50,000 bpd to 2.7 million bpd, a new record, the EIA said.
Meanwhile, U.S. production was projected to increase to a record 60.9 billion cubic feet per day (bcfd) in November. That would be up over 0.8 bcfd from the October forecast and would be the eighth monthly increase in a row.
The EIA projected gas output would increase in all of the big shale basins in November, with the biggest increase in the Appalachia region, which includes the Marcellus and Utica shale formations.
Output in the Appalachia region, the biggest shale gas play, was set to rise by 0.4 bcfd to a record high of 25.7 bcfd in November, an eighth consecutive increase. Production in Appalachia was 22.5 bcfd in the same month a year ago.
EIA also said producers drilled 1,208 wells and completed 1,029 in the biggest shale basins in September, leaving total drilled but uncompleted wells up 179 at a record high 7,270, according to data going back to December 2013.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source: Investing.com
