EIA sees US shale oil production down about 41k bpd in October - ForexLive
EIA sees US shale oil production down about 41k bpd in October | Forexlive
Baker Hughes US oil rig count
US drilling productivity is improving but falling rigs may be catching up to shale oil regions. The EIA sees total production at 9.391m bpd in October, which is a 41k bpd fall. The declines are split almost evenly between the Permian and Eagle Ford.
The big question in the oil market is what OPEC+ is going to do next but the second question is what shale does, because there is pressure to remain disciplined on the production side and there are questions about the depth of inventory.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.