U.S. Shale Oil Output Seen Rising In July

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According to EIA monthly drilling productivity report, U.S. oil output from seven major shale formations is expected to rise by about 70,000 bpd in July to about 8.52 million bpd. The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 55,000 bpd to about 4.23 million bpd in July.