Feb 29, 2020
Feb 29, 2020
U.S. Oil Production to Break Records in March
U.S. Oil Production to Break Records in March
According to recent data from the Energy Information Administration, national oil production will increase by 18,000 barrels per day (bpd) in March to a record 9.18 million bpd. The primary source of next month’s growth in oil output will derive from the Permian Basin in Texas and New Mexico. Within the Permian Basin alone, oil production is expected to rise 39,000 bpd to a new record of 4.86 million bpd. Natural gas output in the Permian is also expected to jump by 0.2 billion cubic feet per day (bcfd) to a new record of 17 bcfd in March. Texas Oil Production to Rise Throughout 2020The exponential growth of the Permian Basin has allowed the United States to overtake Saudi Arabia as the biggest oil producer in the world. Crude oil production in Texas grew to an estimated 5.4 million barrels per day (bpd) in December 2019 and is expected to increase further in Q2 of 2020. In fact, A new report from Rystad Energy predicts oil production in Texas will increase nearly every month in 2020 thanks to the resilient fracking activity in the Permian Basin.
According to recent data from the Energy Information Administration, national oil production will increase by 18,000 barrels per day (bpd) in March to a record 9.18 million bpd. The primary source of next month’s growth in oil output will derive from the Permian Basin in Texas and New Mexico. Within the Permian Basin alone, oil production is expected to rise 39,000 bpd to a new record of 4.86 million bpd. Natural gas output in the Permian is also expected to jump by 0.2 billion cubic feet per day (bcfd) to a new record of 17 bcfd in March. Texas Oil Production to Rise Throughout 2020The exponential growth of the Permian Basin has allowed the United States to overtake Saudi Arabia as the biggest oil producer in the world. Crude oil production in Texas grew to an estimated 5.4 million barrels per day (bpd) in December 2019 and is expected to increase further in Q2 of 2020. In fact, A new report from Rystad Energy predicts oil production in Texas will increase nearly every month in 2020 thanks to the resilient fracking activity in the Permian Basin.