Permian oil output forecast to hit record high in March -EIA

The largest U.S. shale basin’s output will surge to a record in March, according to a monthly forecast from the U.S. Energy Information Administration (EIA) on Monday.

The largest U.S. crude basin, the Permian basin of Texas and New Mexico, is expected to have an output increase of 71,000 barrels per day (bpd) to 5.205 million bpd, the EIA said.

Overall, crude output from U.S. major shale formations will rise about 109,000 bpd to 8.707 million in March, the highest since March 2020, according to the EIA forecast.

Production in the Bakken is due to rise by 6,000 bpd to 1.198 million bpd, the highest since November 2020, the EIA said. In the Eagle Ford region, production is expected to increase 24,000 bpd to 1.146 million bpd, the highest since April 2020.

(Reporting by Stephanie Kelly and Scott DiSavino; Editing by Richard Chang)