WTI Crude Oil Output Set to Touch Record Highs in May 2019: EIA

According to the EIA’s monthly drilling productivity report, WTI crude oil output from seven main shale formations could rise by around 80,000 bpd in May to touch a record high of 86.4 million bpd. The Permian Basin of Texas and New Mexico is the main driver behind this rise, with an anticipated increase in output by 42,000 bpd by May 2019.

The Permian region is home to the largest shale oil field in the US and leading oil companies are planning to increase their presence in this area. The US rig count, which is an important indicator offering insight into future production, is also higher than it was during the same period a year ago.

Falling oil prices in Q4 2018 have caused a slowdown in oil production in the Permian region and other important shale basins in the US. WTI crude oil prices have been trading slightly higher today, hovering around $63.43 at the time of writing.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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