U.S. Government Reins in West Texas Shale Oil Exuberance

The big question in the oil market has been just how fast U.S. shale-oil production can grow, with outlooks being pushed higher each month. The Energy Information Administration went the other way on Monday, revising down its estimate for output from the Permian Basin, the most prolific U.S. shale field. The EIA lowered the June forecast by nearly 90,000 barrels a day to 2.41 million, and cut back its estimates for previous months as well.

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