U.S. oil output from seven major shale formations is expected to rise by about 7...
NEW YORK - U.S. oil output from seven major shale formations is expected to rise by about 70,000 barrels per day in July to a record 8.52 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on Monday.
Production in North Dakota and Montana’s Bakken shale basin is also expected to climb by 11,000 bpd to a record 1.44 million bpd, the data showed. Output from the nearby Niobrara basin is expected to rise by 10,000 bpd to a record high of nearly 730,000 bpd. The rig count, an early indicator of future output, has declined over the past six months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output.
That was the biggest decline in drilled but uncompleted wells since March 2018 when they fell by 107.
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