US Shale Oil Production To Rise To Record In February

U.S. oil output from seven major shale formations is expected to rise by nearly 63,000 barrels per day (bbl/d) in February to a record 8.179 million bbl/d, the U.S. Energy Information Administration (EIA) said in a monthly report on Jan. 22.

The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 23,000 bbl/d to a record of about 3.85 million bbl/d in February.

Rising U.S. shale production has helped vault the country to the position of world’s biggest oil producer, ahead of Saudi Arabia and Russia. Overall crude production has climbed to a weekly record of 11.9 million bbl/d.