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Barclays: $70 More Likely Than $100

Barclays: $70 More Likely Than $100

While there have been plenty…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

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EIA: U.S. shale production to fall in June

Shale Oil Well

Shale output in seven of the United States’ most prolific extraction regions will decrease by 113,000 barrels a day in June, newly released figures from the Energy Information Administration show.

According to the monthly report released on Monday, June production is expected to amount to 4.85 million barrels a day. This is the eighth consecutive month shale production has dipped in the United States amid slumping oil prices, which resulted in producers slashing spending and laying off thousands of workers.

Related: Oklahoma Oil Industry About To Lose Tax Rebates

While shale resources and production are found in many U.S. regions, the EIA is currently focusing on the seven most prolific areas, including the Bakken, Niobrara, Permian, Eagle Ford, Haynesville, Utica and Marcellus.

These seven regions accounted for 92 percent of domestic oil production growth and all domestic natural gas production growth during 2011-14, the EIA explained.

“The EIA's approach does not distinguish between oil-directed rigs and gas-directed rigs because once a well is completed it may produce both oil and gas; more than half of the wells produce both”, the report says.

Related: Can Supply Outages Drive Oil To $50?

According to the figures, the largest decline in production will be registered at Eagle Ford in South Texas, down 58,000 barrels per day in June. Second comes the Bakken area stretching from Canada into North Dakota and Montana, which will see production fall by 28,000 barrels per day next month. The Niobrara shale play is also expected to cut production by 15,000 barrels per day, down from 406,000 barrels a day in May to 391,000 in June.

By James Burgess of Oilprice.com

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