Experts are anticipating the biggest U.S. shale oil production drop since May, according to the U.S. Energy Information Administration’s most recent monthly forecast.
Output is expected to decline by 123,000 barrels per day (bpd) in November to about 7.69 million bpd. Furthermore, overall output is expected to drop for the third straight month and is expected to decline in most of the seven major shale formations in November.
The Eagle Ford Basin in South Texas is expected to experience the biggest decline, as production is estimated to drop by about 34,000 bpd to about 1 million bpd.
Learn more: Reuters > U.S. shale oil output to drop 123,000 bpd to 7.69 million bpd in November: EIA
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