The oil field at the heart of the U.S. shale boom appears to be choking on its own growth, a surprising development with big ramifications for energy profits and global markets. The Permian basin of West Texas and New Mexico has been one of the few growth engines for oil production world-wide. The region’s output is on track to rival that of Iran or Iraq and has lifted American production to all-time highs. Output is projected to climb from 3 million barrels a day to more than 4 million barrels a day within two years. The International Energy Agency forecasts that production will double by 2023. But Permian producers are starting to encounter congested pipelines and shortages of materials and workers —bottlenecks that have caused some investors to sour on the region. Some energy executives question whether sky-high forecasts are achievable. While production is expected to continue rising, the […]