U.S. shale oil output expected to hit record high in August: EIA

NEW YORK (Reuters) by Jessica Resnick-Ault – U.S. oil output from seven major shale formations is expected to rise by 143,000 barrels a day to a record 7.47 million barrels per day in August, the U.S. Energy Information Administration said in a monthly report on Monday. Production is expected to rise in all seven formations, with the largest gain of 73,000 barrels per day seen in the Permian Basin of Texas and New Mexico. All shale regions except for Appalachia are at a high, according to the data. Meanwhile, U.S. natural gas production in the biggest shale basins was projected to increase to a record 70.5 billion cubic feet per day (bcfd) in August. That would be up almost 1.1 bcfd over the July forecast and would be the seventh monthly increase in a row. A year ago in August output in the biggest shale basins was 57.8 bcfd. The EIA projected gas output would increase in all the big shale basins in August. Output in the Appalachia region, the biggest shale gas play, was set to rise over 0.3 bcfd to a record high 28.9 bcfd in August. Production in Appalachia was 24.1 bcfd in the same month a… continue reading

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