According to foreign news on October 16, the U.S. Energy Information Administration (EIA) stated in its monthly drilling productivity report on Monday that oil production in major U.S. shale oil producing areas will decline for the third consecutive month in November, falling to lowest level since May.
EIA data shows that U.S. daily oil production in November is expected to drop to 6.553 million barrels from 9.604 million barrels in October, the largest drop since December last year.
Crude oil production in the Permian Basin in Texas and New Mexico, the largest shale oil basin in the United States, is expected to fall by 30,000 barrels per day to 5.901 million barrels per day, the lowest level since February.
Crude oil production in the Eagle Ford region of South Texas is expected to drop by 19,000 barrels per day to 1.119 million barrels per day, the lowest level since January.
Oil production in the Bakken region of North Dakota and Montana is expected to increase by 200 barrels per day to 1.27 million barrels per day, the highest level since March 2020.
EIA predicts that natural gas production in major U.S. shale basins will fall by 500 million cubic feet per day in November to 98.8 billion cubic feet per day, from 99.3 billion cubic feet per day in October.
Natural gas production will fall for the fourth consecutive month, having hit a monthly record of 99.9 billion cubic feet per day in July, according to EIA data dating back to 2007.
In the largest shale gas basin, in the Appalachian region of Pennsylvania, Ohio and West Virginia, production will fall to 35.5 billion cubic feet per day in November, the lowest level since April. Appalachian production hit a record high of 36 billion cubic feet per day in December 2021.
EIA said producers drilled 865 wells in September, the lowest level since February 2022, and completed 919 wells, the lowest level since April 2022.
The number of outstanding wells (DUCs) fell by 54 to 4,681 in September, the lowest level since March 2014.
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