The largest U.S. shale basin's output will surge to a record in January, according to a monthly forecast from the U.S. Energy Information Administration on Monday.
Crude output from the largest U.S. shale basin, the Permian basin of Texas and New Mexico, may rise 71,000 barrels per day to 5.031 million bpd, the EIA said. That would be the most on record and the basin's first time producing above 5 million bpd.
Output from the Permian is closely watched by the global oil market, because it has pipeline access to export hubs in Houston.Overall, crude output from U.S. major shale formations is forecast to rise by 96,000 bpd to 8.439 million bpd in January, the EIA said. Production in the Haynesville basin is expected to remain flat at 33,000 bpd, while small output increases of 1,000 bpd to 13,000 bpd are expected in the five major regions.
During the first quarter, global demand will likely increase, the Organization of the Petroleum Exporting Countries said on Monday. The producer group left its full-year growth prediction steady, saying the Omicron variant of the coronavirus would have a mild impact as the world gets used to dealing with the COVID-19 pandemic.
Natural gas production from the major shale basins, meanwhile, will increase about 0.3 billion cubic feet per day to 89.3 bcfd in January, the EIA projected.Reporting By Jessica Resnick-Ault Editing by Marguerita ChoySubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
EXCLUSIVE EnCap merges two Permian oil producers in about $4 bln deal -sourcesEnCap Investments LP has combined two of its portfolio companies in the Permian basin, creating an oil producer worth more than $4 billion including debt that the private equity firm wants to take public as soon as next year, people familiar with the matter said on Monday.
Les mer »
Stock futures are flat after S&P 500 notches best week since February at record highThe S&P 500 just notched its best week since February at a fresh record close, rebounding from a big sell-off triggered by fears of the omicron variant.
Les mer »
U.K. Production Bounces Back to Record High, TV Spend Doubling Since 2019High end TV production — led by shows such as 'House of the Dragon' and 'Bridgerton' — reached $5.47 billion in the first four quarters since coming out of lockdown in 2020, well more than double the spend for the whole of 2019.
Les mer »
Excessive winds leave 210,000 in blackout in Canada's OntarioAn utility company Hydro One stated that it predicts more outages in the hardest-hit areas including southern, central and eastern Ontario.
Les mer »
How A Sleepy Southern Chain Became One Of The Pandemic's Top Performing StocksDillard's, the department store owned by a secretive clan, has hit 50-year highs, far outpacing rivals like Nordstom, Macy's and Kohl's.
Les mer »
How A Sleepy Southern Chain Became One Of The Pandemic's Top Performing StocksDillard's, the department store owned by a secretive clan, has hit 50-year highs, far outpacing rivals like Nordstom, Macy's and Kohl's.
Les mer »