US shale oil boom grinds to a halt as Opec keeps pumping

San Francisco

THE shale oil boom that turned the US into the world's largest fuel exporter and brought US$3 petrol back to America's pumps is grinding to a halt.

Crude output from the prolific tight-rock formations such as North Dakota's Bakken and Texas's Eagle Ford shale will shrink 1.3 per cent to 5.58 million barrels a day this month, based on Energy Information Administration estimates. It'll drop further in July to 5.49 million, the lowest level since January, the agency said on Monday.