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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