US Shale Production Is Set For A Steep Decline

U.S. oil production fell in July, another worrying sign for the shale industry. The latest EIA data shows that oil output fell sharply in July, dipping by 276,000 barrels per day. The decrease can be chalked up to outages related to a hurricane that forced oil companies to temporarily idle operations in the Gulf of Mexico. Offshore Gulf of Mexico production plunged by 332,000 bpd in July. As a result, the dip in output might easily be dismissed as a one-off aberration. However, U.S. output has stagnated in 2019, ending several years of explosive…