U.S. oil output from seven major shale formations is expected to rise by about 49,000 barrels per day (bpd) in September, to 8.1 million bpd, according to the Energy Information Administration’s monthly drilling productivity report on Monday.
The forecast is led by growing production in the largest formation, the Permian Basin, where crude output is estimated to rise 49,000 bpd in the month, offsetting falling output expected from the Bakken and other top regions.
Output in the Eagle Ford in South Texas is expected to slide by 5,000 bpd to 1.05 million bpd while the Bakken basin of North Dakota and Montana is expected to see a decline of about 1,000 bpd to 1.14 million bpd.
As oil prices recovered from the lows seen last year, U.S. energy firms have ramped up some drilling activity.
U.S. oil rigs rose 10 to 397 last week, their highest since April 2020, and up from 172 a year ago, according to Baker Hughes data.
Enverus, a provider of energy data with its own closely watched rig count, said the number of active rigs increased by eight to 575 in the week to Aug. 11 with most of the increases in Appalachia and the Permian.