U.S. Shale Output Seen Tumbling to 2018 Low, Led by Permian
- May estimate revised down sharply since last month’s report
- Permian DUC Count sets stage for rebound in drilling
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Oil production from the top seven shale regions in the U.S. is set to tumble to levels not seen since 2018 as drillers scale back in response to the recent price collapse.
Losses will be led by the Permian Basin -- which straddles Texas and New Mexico -- where output is seen falling by 87,000 barrels a day in June to 4.29 million, according to the Energy Information Administration’s latest Drilling Productivity Report.