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U.S. oil output set to rise in Feb to record, but growth slows: EIA

18 January 2023 10:23 (UTC +04:00)

Oil output from top shale regions in the United States is due to rise by about 77,300 barrels per day (bpd) to a record 9.38 million bpd in February, the U.S. Energy Information Administration (EIA) said in its productivity report on Tuesday, APA reports citing Reuters.

The oil increase was the lowest in more than a year, with volumes shrinking on weaker productivity per well and on inflation cutting into oil companies’ production budgets.

U.S. crude oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is set to rise by about 30,400 bpd to 5.64 million bpd in February, its highest on record, the EIA projected.

In the Bakken region of North Dakota and Montana, the EIA forecast oil output next month will rise 20,000 bpd to 1.23 million bpd, the largest total since November 2020.

In the Eagle Ford shale in South Texas, output will rise about 4,200 bpd to 1.21 million bpd in February, its highest total volume since April 2020.