Shale oil production surge

U.S. shale oil production in the seven most prolific shale basins is set for its biggest rise since March of 2020, according to the U.S. Energy Information Administration (EIA). The latest EIA Drilling Productivity Report estimates their total production will rise by 117,000 bpd to 8.7 million bpd.

U.S. crude in the Permian basin is predicted to rise by 70,000 bpd to 5.208 million bpd. Eagle Ford should increase by 23,000 bpd to 1.146 million bpd, and Bakken should increase by 16,000 bpd.

With the import of oil from Russian now curtailed, it remains to be seen whether the administration will encourage more production from these shale oil resources or focus on negotiating with the likes of Saudi Arabia, Venezuela, and Iran.