- Oil production from U.S. shale in August is expected to fall by 91K bbl/day from July to 5.36M bbl/day, the most since at least 2007 and the fourth month in a row of expected production declines, according to the EIA's latest monthly report.
- Oil output at the Eagle Ford shale play in south Texas is forecast to see the biggest decline, down 55K bbl/day to 1.54M bbl/day, while the Bakken shale in North Dakota and surrounding areas is expected to see output fall by 22K bbl/day to 1.18M; production in the Permian play of west Texas, the biggest U.S. shale, is expected to rise 5K bbl/day to 2.05M bbl/day.
- ‘"We need to see oil prices above $60 and more toward $65 to spur a recovery in the rig count, says Bloomberg's Andrew Cosgrove. "The longer it stays below $60, the harder it’s going to be for U.S. production to ramp back up.’"
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