Permian Beats Own Record In Oil Production

28 Dec 2017   Shale Oil

The Permian Basin pumped an estimated 815 million barrels of crude this year, beating its previous record of 790 million barrels, achieved back in 1973, IHS Markit reported . The figures once again reinforce the Permian’s status as the star of the U.S. shale patch and the main threat to OPEC’s efforts to reduce global oil production in a bid to prop up prices. With so many reports about the Permian’s recent glory it’s easy to forget that the play is actually a mature one and in the past it has been written off as depleted. Instead, it has become the main driver of the overall oil production increase in the United States that has turned it into the main challenger to OPEC’s global oil industry dominance. Over the past decade, IHS Markit figures show, the Permian has added almost 2 million barrels to daily production and by the […]

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