EIA ups US unconventional oil output growth estimate for May more than sevenfold
The US Energy Information Administration increased its projection for month-on-month growth in US unconventional oil output for May by more than sevenfold in its latest Drilling Productivity Report.
The EIA on May 17 said May crude production will rise by 94,000 b/d from April to 7.707 million b/d, up from its projection of a 13,000 b/d month-on-month gain to 7.6 million b/d it made last month. Total US oil production from April to May will slip by only 3,000 b/d.
Higher productivity per rig and a better-than-expected bounceback from the winter freeze that caused widespread well shut-ins in February were behind the upward revision, EIA officials said.
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