The shale revolution has demonstrably increased the production of crude oil from the U.S. It has given the country the title of the world’s largest oil producer. As an effect, it lasts only briefly. Do you know about the increase in output from the Permian Basin? It is located in West Texas and Southeastern New Mexico. This has been the biggest contributor to this growth. Learn more about American oil below.
We conducted a recent study on the rapidly growing production from the Permian Basin. This includes the attendant consequences on the energy business in the U.S. There has been a validation of key findings through conversations with members of the industry. Including to is the government and infrastructure leaders. The key implications of this work are in a summary here.
A major point: There is no significant domestic customer for the incremental crude projection to come out of the Permian Basin over the next five years. The Permian Basin produced 3.2 million barrels per day in 2018. That production is expected to grow by 1 million barrels per day each year for the next four years, to about 7 million barrels per day in 2022. Permian production was already up to 4 million barrels per day midway through 2019.
Source: Forbes
