U.S. Shale Surges as Saudi Arabia Issues Veiled Supply Threats
- Output set to reach 7.71 million barrels a day in November
- Around half of the increase will come from the Permian basin
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In the same week that Saudi Arabia made a veiled threat to use oil as a political weapon, the U.S. offered another reminder of its growing energy independence as government data showed shale oil production is forecast to reach a fresh record in November.
Production from the nation’s major shale plays is expected to rise by almost 100,000 barrels a day month-on-month in November, to 7.71 million barrels a day, according to the U.S. Energy Information Administration’s monthly Drilling Productivity Report.