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As of May 27, the total U.S. rig count is down 10 from last week.
The coronavirus pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year, the International Energy Agency (IEA) said in a new report.
The IEA report predicts oil production will fall in six out of seven major U.S. shale plays in June alone. Combined declines are forecast to total 197,000 bbl/d, bringing total output to 7.8 million bbl/d of oil.
The Permian Basin is expected to have the largest drop of 87,000 bbl/d. Eagle Ford volumes are forecast to drop by 36,000 bbl/d, while the Anadarko Basin and Niobrara could fall to respective volumes of 28,000 and 24,000 bbl/d. The output from the Bakken is predicted to fall by 21,000 bbl/d.
Gas plays, including the Haynesville and Appalachia will see oil volumes mildly down to flat.
As of May 27, the number of rigs running in the U.S. has fallen by 23% in the last month and by 68% in the last year, according to Enverus Rig Analytics. The largest monthly decline occurred in the Williston Basin, where 50% of rigs were released. Also of note, Anadarko Basin activity fell by 87% in the last year.
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