Output from US shale gas producers set for increase in Sept

According to the estimates from the Energy Information Administration (EIA), the oil output from US shale gas producers is calling for an increase in September, reported industry sources. The shale gas production in the country may soar by around 12% amidst the expected output from several oil fields.

A recent report from EIA forecast that the US shale formations will reportedly yield 59.4 billion cubic feet a day in September from around 53 billion projected for August. The news will likely to curb OPEC’s efforts to support the crude oil market via further commitment to output cuts.

NYMEX crude oil prices settled down by more than $1/barrel on Monday after last week’s reports from the EIA and OPEC, forecasting that the oil production from OPEC rose approximately to 33 million barrels/day in July.