U.S. crude production from seven major shale formations is expected to fall by a record 197,000 barrels per day in June to 7.822 million bpd, the U.S. Energy Information Administration said in a monthly report on Monday.
The output from shale formations would be the lowest since August, 2018, according to data from the agency.
U.S. crude production from shale formations has more than doubled since 2013, lifting the country’s overall oil output to new record highs. Producers have throttled back production since March as prices have crashed due to oversupply and a sharp drop in demand due to the novel coronavirus outbreak.
In June, oil output from shale is expected to drop in each of seven major shale regions, with the largest drop of about 87,000 bpd in the Permian Basin of Texas and New Mexico. In the Permian, the largest producing shale region, production is expected to fall to about 4.29 million bpd.
(Reporting By Jessica Resnick-Ault Editing by Chris Reese; Editing by David Gregorio)
