The August Drilling Productivity Report of the US government’s Energy Information Administration indicates expected average June-September monthly gains for seven key US shale formations of 124,000 b/d, a level of growth in line with levels seen in the boom year of 2014. The latest projections have September output up 980,000 b/d year-on-year. Given that December last year was only up fractionally on the September 2016 low, this year is almost certain to see 1mn b/d+ gains in US shale output and likely overall crude production as well.
Overall US crude output was 9.433mn b/d in July, up 760,000 b/d on a year earlier (MEES, 11 August). (CONTINUED - 931 WORDS)
