U.S. shale oil output will soar in April. Output in the Permian Basin will reach a new record.
U.S. shale oil production in April was set for its biggest monthly increase since October. The Permian Basin is America’s fastest growing shale region. Production there is expected to hit another record high.
Total shal production was expected to rise 109,000 barrels per day to 4.96 million bpd. This according to the U.S. Energy Information Administration’s drilling productivity report.
EIA also said producers drilled 807 wells and completed 716 in the biggest shale basins in February. There were total drilled but uncompleted wells (DUCs) up 91 at 5,443. This is the most since April 2016.