• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 minutes The Inconvenient Truth Of Electric Cars
  • 2 mins The Plastics Problem
  • 9 hours Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 2 hours To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 4 hours SHALE MAGIC: Let the oil flow: US to lead oil output growth through 2030: ConocoPhillips chief economist
  • 4 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 54 mins EIA reports 12 mm bbls Inventory draw . . . . NO BIG DEAL . . . because U.S. EXPORTED RECORD 12 MILLION BARRELS DAY OF CRUDE + PETROLEUM PRODUCTS ! ! ! THAT'S HUGE !
  • 9 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 17 mins Its called reality: Economic, policy challenges to make Asia's energy transition painfully slow
  • 21 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 17 hours Hard To Believe: UAE Will Work To Defuse Middle East Tension
  • 11 hours Cap and trade: What could Oregon’s carbon policy cost you?
  • 4 hours On the hobby side of things
  • 22 hours The Strait of Hormuz is the world’s most important oil transit chokepoint
Oil Holds Steady Amid Small Rig Count Decline

Oil Holds Steady Amid Small Rig Count Decline

Oil prices held steady on…

Libya’s Oil Production Could Double Within 5 Years

Libya’s Oil Production Could Double Within 5 Years

Frequent field outages and security…

U.S. Shale Set For 109,000 BPD Increase Next Month

Oil Rigs

OPEC just can’t seem to catch a break; shale drillers in the U.S. are now expected to increase April oil output by 109,000 barrels per day, according to new information published Monday by the Energy Information Administration.

The EIA’s Drilling Productivity Report is now forecasting a 109,000-barrel-per-day increase in oil production from the seven most prolific oil-producing basins in the United States, to reach an average of 4.962 million barrels per day in April 2017, up from 4.853 million barrels per day last month.

The April increase—98 percent of which is expected to come from the Permian and Eagle Ford basins—come at a stressful time for OPEC, which has been hoping for some respite from the supply glut along with more attractive barrel pricing, what with OPEC’s agreement to cut 1.2 million barrels per day from its combined oil production.

While barrels prices have lifted, so too has U.S. shale production, not to mention the rise in U.S. crude oil inventories—a situation that may not only derail OPEC’s plans to ease the glut, but may also keep OPEC from extending the deal come May, with heavyweights such as Saudi Arabia reticent about how it will proceed when faced with losing even more market share without the reward of increased prices.

From December 2016 to April 2017, the Permian is expected to increase oil production from new and legacy wells by 222,000 barrels per day, from 2.063 million bpd to 2.286 million bpd. Niobrara is the second biggest gainer in that five-month span, and is expected to increase daily production from 404,707 bpd to 443,840 bpd.

Related: U.S. Shale Faces A Workforce Shortage

Overall, using EIA forecasted data, production from the seven most prolific basins is expected to increase 277,538 barrels per day in April from December levels, offsetting more than 15 percent of what OPEC and the 11 non-OPEC nations are trying to cut.


Source: Energy Information Administration

For April, the Bakken is expected to decrease production by 10,000 barrels per day, while Haynesville and Utica basin—also the worst performers in terms of growth since December—are expected to remain flat.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com: 



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News