Commodities
US Oil Drillers Show Signs of Pivoting From Shale to Offshore
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The latest evidence of a pivot by oil explorers from US shale to offshore appeared Monday as the US Energy Information Administration warned that a drop in onshore production is accelerating into November.
After revising its own figures from previous months, a decline in oil output is now expected to gain speed in every month from September through November, when combined production from the seven biggest shale fields will fall to 9.6 million barrels a day, according to Monday’s report by the US agency. The Permian Basin of West Texas and New Mexico continues to lead the contraction.