U.S. shale oil output to hit record 8.4 million bpd in March: EIA | Reuters

U.S. shale oil output to hit record 8.4 million bpd in March: EIA | Reuters:

U.S. oil output from seven major shale formations is expected to rise 84,000 barrels per day (bpd) in March to a record of about 8.4 million bpd, the U.S. Energy Information Administration said in a monthly report on Tuesday.

The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 43,000 bpd to a record 4.024 million bpd in March.

A shale revolution has helped boost the United States to the position of world’s biggest crude oil producer, ahead of Saudi Arabia and Russia. Overall crude production has climbed to a weekly record of 11.9 million bpd.