NEW YORK: Crude output from seven major shale formations is expected to rise by 42,000 bpd in August, to 7.907 million bpd, compared with a 28,000 bpd rise in July, according to the Energy Information Administration’s (EIA) monthly drilling productivity report.
The forecast is led by growing production in the largest formation, the Permian Basin, where crude output is estimated to rise 53,000 bpd in the month, offsetting falling output expected from the Bakken formation of North Dakota.
Natural gas production from the major shale basins was expected to increase for a second month in a row, EIA said.
Total gas output will increase less than 0.1 billion cubic feet per day (bcfd) to 85.5 bcfd in August. That compares with a monthly record high of 86.9 bcfd in December 2019.