US oil production from Permian Basin to reach fresh record high

Oil

Oil production from the seven major US shale regions is forecast to increase by 96K b/d m-o-m and 657K b/d y-o-y to 8.44M b/d in January, the highest level since April 2020, according to drilling productivity reports published by the US Energy Information Administration (EIA). Production from the Permian Basin, which is the largest in the US, is expected to account for the majority of this growth, rising by 71K b/d m-o-m and 617K b/d y-o-y to a fresh record high of 5.03M b/d.