FX.co ★ EIA predicts increase in US oil output

US shale oil production is expected to increase by 125,000 barrels a day to 7 million barrels a day, US Energy Information Administration (EIA) data showed.

According to the EIA, the output rise for the fourth consecutive month in a row was due to record production in the prolific Permian Basin of West Texas and New Mexico, which is equal to 73,000 billion barrels per day.

US natural gas production is projected to increase to 66.9 billion cubic feet per day in May, the highest on record.

The US Energy Information Administration (EIA) is a principal agency of the US Federal Statistical System responsible for collecting, analyzing, and disseminating energy information.