US shale production stalls on lower prices
As companies cut costs, output growth of shale has also fallen
The low oil price is starting to take its toll on US shale production. As companies have pulled rigs out of the oil patch and decide not to start producing from new wells, shale output growth has ground to a halt. The US Energy Information Administration (EIA) said in its Drilling Productivity Report this month that total US shale production would grow by just 1,000 barrels a day (b/d) in April compared to the previous month, its slowest rate in years. Production will fall in the key Bakken and Eagle Ford shale plays in April. The Permian Basin in Texas is the only major shale oilfield that continues to see strong output growth. It is expected to add 21,000 b/d of new production in April.
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