Official report: US rock production could reach 8.59 million b/d in April

File Reuters

UNITED STATES (VOP TODAY NEWS) — Oil output from seven major rock formations in the United States is expected to rise 85,000 bpd in April to a record 8.59 million bpd, the US Energy Information Administration said in its monthly drilling productivity report on Monday.

If true, it will be the lowest monthly rise since May 2018, when production is boosted by only 25,900 barrels per day.

The largest monthly change is expected in the Texas-New Mexico metropolitan basin, where production is expected to increase by 40,000 bpd to 4.18 million bpd in April.

Production growth in the Permian basin slowed as oil prices fell in the fourth quarter of last year and many oil companies cut spending under pressure from investors, who demanded a focus on profit growth rather than increased production.

The Energy Information Administration said last week that the United States remains the world’s largest oil producer, ahead of Saudi Arabia and Russia, and will lead the growth of global crude supplies over the next five years, adding another four million bpd to its already booming output.

US natural gas production is expected to rise to a record 79 billion cubic feet per day in April. This means an increase of about 0.9 billion cubic feet per day above the March forecast and will be the 15th monthly increase in a row.

Production was 66.3 billion cubic feet per day in April last year.

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