Permian Craze is fizzling … But shale oil production is not

The frenzied Permania that had oil and gas companies that went to the O&G hotspot may be on outs, but production in the industry's number one pool has not, according to the US Energy Information Administration's Drilling Productivity Report, released on Monday . [19659002] Oil production in the Permian basin is set to hit a brand new record next month, according to EIA, and expects an increase of 55,000 barrels a day and reaches 4.226 million barrels a day. Niobrara and Bakken pools are also set up for an increase of 10,000 and 11,000 barrels a day, respectively. Permane accounts for almost half the production of the top seven pools, and is nearly three times as lush as the second most lush pool, The Bakken.

For the seven large pools that the EIA tracks in their monthly Drilling Productivity Report, July, production will increase by 70,000 months during the month and reach 8,520 million bpd, and also a new record.

This slate oil production has helped to catapult the United States to the world's largest oil producer of 1[ads1]2.6 million bpd from the first week of June, even before the oil industry's old Russia, whose production hit 10.87 million bpd the same week; and Saudi Arabia, whose output hit 9,690 million bpd according to the latest official OPEC MOM.

While oil production is still uphill, the number of DUCs went in May, from 8,360 in April to 8,283 in May. [19659002] Gas production in the seven most fertile shale plays is also expected to increase in July, from 80,564 million cubic feet per day in June to 81,362 million cubic meters per day in July.

By Julianne Geiger for

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