Top U.S. shale oil producers are increasing output by drawing more oil from each well, but they are not producing at a rate that would result in appreciable additional quantities, according to a Reuters analysis of market expectations.

Due to a decision to maintain, but not considerably increase, output, the businesses that transformed the global oil and gas markets and made the U.S. a leading oil exporter a decade ago have become less relevant.

American businesses have been able to produce solid profits with only minor volume growth by prioritizing revenues over increased production. The price of oil has been kept over $70 per barrel for the majority of the year thanks to OPEC's production restrictions.

Forecasts for the second quarter indicate that American producers plan to gradually increase production for the remainder of the year by extracting more oil and gas from each well. The improvements will increase production by 850,000 barrels per day (bpd), according to U.S. estimates.