US shale oil output seen up for eighth month at 5.6mn bpd

NEW YORK: US shale oil production is forecast to rise for the eighth consecutive month, climbing 112,000 barrels per day (bpd) to 5.585 million bpd in August, the US Energy Department said in a report on Monday.

The Permian Basin of Texas and New Mexico is expected to produce 2.535 million bpd, up 64,000 bpd from July, the US Energy Information Administration said.