Oil production from Permian basin to expand through year’s end
(Bloomberg) – Oil production from the Permian basin will expand in November and December, marking the region’s longest run of monthly gains in two years.
The world’s most productive shale patch is expected to pump a record 5.98 MMbpd in December. In total, U.S. crude production from the seven biggest shale regions will total 9.65 MMpd next month, essentially flat compared to November’s rate, according to a report from the U.S. Energy Information Administration.
The more bullish forecast for Permian production marks a turnaround from last month’s report, which had originally shown output contracting during every month between August and November from the prolific basin located in west Texas and New Mexico. The government agency revised that data Monday and now shows increases in the Permian basin for every month since June.