US Shale Oil Production Expected to Decline

The US Energy Information Administration (EIA) is expecting a steep decline in the production of shale oil in the United States by 56,000 barrels per day (bpd) to around 7.49 million bpd next month.

This would be the lowest of US shale oil production since August 2017.

The next OPEC+ meetings could signal an end to output cuts, with the international organization and its allies beginning to increase crude production, which would increase pressure on shale oil production.