U.S. shale oil production for March is expected to rise by the most in five months to its highest rate since May last year, government data showed on Feb. 13, as energy companies boost drilling on the back of crude prices that are hovering over $50 per barrel (bbl).March oil production is forecast to rise by nearly 79,000 bbl/d to 4.87 MMbbl/d, according to the U.S. Energy Information Administration’s (EIA) drilling productivity report. That would be the biggest monthly rise since October.In the Permian shale play of West Texas and New Mexico, output is forecast to rise by more than 70,000 bbl/d to 2.25 MMbbl/d, in what would be the biggest monthly rise since January 2016.
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Source: Daily Dose of ShaleDirectories.com News