• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days Evergrande is going Belly Up.
  • 10 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 mins Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day Poland Expands LNG Powered Trucking and Fueling Stations
  • 2 days World’s Biggest Battery In California Overheats, Shuts Down
  • 17 hours The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 4 hours Ten Years of Plunging Solar Prices
  • 8 hours Extraction of gasoline from crude oil.
  • 3 days The coming Cyber Attack
  • 3 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 3 days Ozone layer destruction driving global warming
  • 3 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
Argentina Attempts To Revive Its Oil Boom

Argentina Attempts To Revive Its Oil Boom

Argentina’s government has unveiled a…

U.S. Shale Production To Drop to 7.6 Million Bpd In July

Oil production from the seven most prolific U.S. shale basins will fall to 7.632 million barrels per day, the Energy Information Administration said on Monday in its latest edition of the Drilling Productivity Report.

The news comes as the production per rig is expected to increase, from an average of 772 barrels per day per rig in June, to 798 barrels per day per rig in July. The basins covered in the EIA report include the Permian, Eagle Ford, Bakken, Niobrara, Anadarko, Appalachia, and Haynesville basins.

All of the seven basins are expected to see some drop off in July, with the Eagle Ford expected to see the sharpest drop in absolute terms at 28,000 fewer daily barrels, followed by Anadarko and Niobrara. In percentage terms, Anadarko basin will see the sharpest drop off, at 5.9%, followed by Niobrara with 3.9%.

The most prolific basin by far, the Permian, is expected to be the least effected basin in terms of percentage, set for a 7,000 barrel per day loss in July, or a 0.2% decrease in oil production. Production from the Permian basin is expected to fall to 4.263 million barrels in July.

Both the Appalachia and Haynesville basins are expected to drop an average of 1,000 per day next month.

Oil production has been on a steady decline over the last couple of months, with production falling from its high of 13.1 million barrels per day that it last hit mid-March, to just 11.1 million bpd that it hit the week ending June 5.

Oil’s recovery is coming in fits and starts, with WTI prices up 2.23% on Monday at $37.07, after finishing down last week after OPEC decided not to extend the voluntary portion of the cuts into July.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on June 16 2020 said:
    It is not only in July but also in the following two years, the US shale oil industry will be struggling to produce 7-8 million barrels a day (mbd) necessitating a rise in US crude oil imports from 9 mbd in 2019 to 11-12 mbd in the next two years.

    The reason is that with a breakeven price ranging from $48-$68 a barrel and a well depletion rate of 70%-90% after first year production, the overwhelming majority of shale drillers couldn’t survive prices under $70 a barrel. However, oil prices aren’t projected to hit $70 a barrel before 2022/23.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News