U.S. shale oil output forecast to rise by 110,000 barrels a day in March: EIA
Shale crude-oil production from seven major U.S. oil plays is expected to see a monthly climb of 110,000 barrels a day in March to 6.756 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 the largest climb among the big shale plays, with an increase of 75,000 barrels a day. The report was released about half an hour ahead of the settlement for futures prices. March West Texas Intermediate oil CLH8, -0.88% was up 60 cents, or 1%, to $59.80 a barrel on the New York Mercantile Exchange.