US shale oil production increased slightly during October 2023, reaching about 3 thousand barrels/day compared to the previous month, reaching 9.658 million barrels/day. It is expected to decrease to 9.654 million barrels per day in November 2023 and continue to decline to about 9.652 million barrels/day in December, according to the monthly bulletin on petroleum developments in the global markets of the organization “OAPEC “.
The report added that in another development, the number of rigs operating decreased by 8 rigs during October 2023 to reach 549 rigs.
The report continued, the commercial oil inventory in the OECD countries decreased at the end of October 2023 by 18 million barrels compared to the previous month to reach about 2813 million barrels, while the commercial oil inventory in non-OECD countries increased by 4 million barrels compared to the previous month to reach about 3244 million barrels, the strategic inventory stabilized at the same level recorded at the end of the previous month of about 1505 million barrels.
