The Rising Influence of Rising Affluence

[benfrankledger]

Crude-oil production from seven major U.S. shale plays is forecast to climb by 49,000 barrels a day in August to 8.546 million barrels a day, according to a report from the Energy Information Administration released Monday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see an increase of 34,000 barrels a day in August from July. Shale oil output from the Anadarko and Eagle Ford regions, however, are expected to see slight monthly declines, the report showed. The August contract for West Texas Intermediate oil CLQ19, -0.03% was trading down 64 cents, or 1.1%, at $59.57 a barrel ahead of its settlement on the New York Mercantile Exchange.

https://www.marketwatch.com/story/eia-forecasts-us-shale-oil-output-to-climb-by-49000-barrels-a-day-in-august-2019-07-15?