The EIA expects U.S. shale oil production to drop next month to 8.526 million barrels per day in the seven most prolific shale basins in the United States, according to new data published on Monday. The forecast for May for a 182,673-average barrel per day drop in oil production is expected to be the second largest drop according to EIA data dating back to 2007. The largest drop in oil production, according to the EIA, should be this month, down 193,625 barrels per day from March. The Drilling Productivity Report shows six weeks of sizeable declines , shedding more than a half a million barrels per day—546,622 barrels—since December 2019. Nevertheless, oil production across those seven basins are still trending sharply upward overall over the last decade. And year over year, oil production is still up, despite the sharp declines over the last few weeks. Oil demand and oil […]