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U.S. shale oil output to fall for 8th month in December: EIA

U.S. shale production is expected to fall for an eighth consecutive month in December, according to a forecast on Monday from the U.S. Energy Information Administration (EIA).

Total output is set to decline 118,000 barrels per day (bpd) in December, the biggest monthly decline on record, to 4.95 million bpd, the least since Sept. 2014, according to EIA data going back to 2007.

Oil production from the Eagle Ford play in South Texas was expected to fall 78,000 bpd to 1.28 million bpd. Bakken oil output in North Dakota was expected to slide 27,000 bpd to 1.11 million bpd.

Oil production from the Permian Basin of West Texas, which continues to buck the trend, was projected to rise 11,000 bpd to 2.02 million bpd.

U.S. natural gas production, meanwhile, was expected to fall for a sixth month in a row.

Total output was set to decline almost 0.4 billion cubic feet per day, the biggest monthly decline since March 2013, to 44.3 bcfd in December, the lowest level since February, according to the EIA data.

The biggest decline was expected to be in the Marcellus region in Pennsylvania and West Virginia, down 0.2 bcfd to a forecast 15.7 bcfd in December.

That would be the first year-on-year decline in the Marcellus region, the nation’s biggest shale gas play, since at least 2008, around the time of the start of the shale boom.

In related news, U.S. shale producers see big budget cuts for 2016.

(Reporting by Scott DiSavino; Editing by Chris Reese and Nick Zieminski)

This article was from Reuters and was legally licensed through the NewsCred publisher network.