Oil production declines from the largest U.S. shale plays will deepen for the second consecutive month in June even as rig productivity is accelerated, the U.S. Energy Information Administration said on Monday. The projected fall of some 71,000 barrels per day in June to 4.97 million bpd underscores how quickly production rates have declined after the worst price slump since the financial crisis and the start of the shale boom. Oil production from the Permian Basin of West Texas and New Mexico is forecast to rise 7,000 bpd to 2.06 million bpd, according to the EIA’s drilling productivity report, the smallest increase since June. Production per rig in the region is set to jump by 26 bpd, the biggest level in at least eight years. Meanwhile, production from the Bakken formation of North Dakota is projected to fall 31,000 bpd to 1.27 million bpd, while production per […]