EIA Rig Productivity Report Says U.S. Total Shale Regions Oil Production For Jan Seen Down About 1,000 BPD At 9.692M BPD (Vs 2,000 BPD Fall In Dec)
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The EIA Rig Productivity Report indicates that U.S. total shale regions oil production for January is expected to decrease by approximately 1,000 barrels per day (BPD) to 9.692 million BPD, compared to a 2,000 BPD decline in December.
December 18, 2023 | 7:14 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) may experience short-term price fluctuations due to the reported slight decrease in U.S. shale oil production for January.
The EIA report suggests a marginal decrease in oil production, which might lead to a slight increase in oil prices. However, the change is minimal compared to the previous month, and the impact on USO, which tracks the price of oil, is likely to be limited. Market factors such as global supply-demand balance, geopolitical events, and broader economic indicators often have a more significant influence on oil prices and USO's performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70