US shale oil production is forecast to rise for the eighth consecutive month, climbing 112,000 barrels per day (bpd) to 5.585 million bpd in August, the US Energy Department said in a report on Monday. The increase comes amid market concerns that rising shale output will dampen the Organization of the Petroleum Exporting Countries' efforts to curb a global supply glut.
The US shale production level would be the highest since record-keeping began in 2007, according to the EIA's monthly drilling productivity report. The Permian Basin of Texas and New Mexico, the largest US oil field, is expected to produce 2.535 million bpd, up 64,000 bpd from July, the US Energy Information Administration said.
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