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EIA: Seven Major US Shale Regions To Hit New Production Records

https://oilprice.com/Latest-Energy-News/World-News/EIA-Seven-Major-US-Shale-Regions-To-Hit-New-Production-Records.html

Oil production in the seven most prolific US shale regions will hit new highs next month, according to the Energy Information Administration’s monthly Drilling Productivity Report released on Monday afternoon.

Production in the seven regions is expected to increase by 143,000 bpd in August over July’s 7.327 million bpd, according to the EIA.

The news came not even 24 hours after Wood Mackenzie called peak oil demand in 2036 as electric vehicle sales grow , sending oil prices sharply downward on the news.

At 4:15pm EDT, the WTI benchmark was trading down a staggering 4.10% (-$2.91) at $68.10. Brent crude was trading down even more, at 4.50% (-$3.39) at $71.94.

Of the seven more prolific US regions for oil, the Permian is expected to see the biggest increase, at 73,000 bpd, to reach 3.406 million bpd. If this level of production is realized in August, it would represent about a 400,000 bpd climb since January in the Permian alone.

Increases in unconventional oil in the Eagle Ford is thought to come in a distant second, according to the industry body, at an 35,000-bpd increase to reach 1.436 million bpd.