Ranger Minerals
  • Our Company Who We Are
  • Opportunities Buy or Sell
    • Minerals/Royalties
      • Overview
      • Oil and Gas Royalties: The Complete Guide
      • What Are Mineral Rights: Everything You Need to Know
      • Selling Mineral Rights: A Complete Guide
    • 1031 Exchange
      • Rules & Requirements
      • How To Guides for Different Asset Types
  • Resources Learn More
    • Learn More
      • Frequently Asked Questions
      • Oil & Gas Glossary
      • Industry News
      • Contact Us
    • Guides
      • View All Guides
      • 1031 Exchange
      • Mineral Rights & Royalties
      • How to Find Oil on Your Land: A Practical Guide to Modern Exploration
      • The Ultimate Guide for Oil and Gas Leases
    • News
      • Industry News
      • Company News
      • View All Recent News
  • Contact
  • Free Consultation
  • Click to open the search input field Click to open the search input field Search
  • Menu Menu

EIA: Permian oil output to surge 8% in 2024

Last updated: June 30, 2024 | Reading Time: 2 minutes
The EIA forecasts that crude production from the Permian Basin will average about 6.3M barrels per day this year, an increase of 8% over 2023

Once again, the Permian Basin is expected to lead growth in the nation’s overall oil production as per EIA.

The Energy Information Administration forecasts that crude production from the Permian Basin will average about 6.3 million barrels per day this year. This is an increase of 8% over 2023 and accounting for nearly half of all crude production.

Permian production will contribute about two thirds of all US oil production through the end of 2025. This is according to the EIA’s June Short-Term Energy Outlook. The EIA expects increased production from the Permian. It also affect regions since it will drive US production to record highs in both 2024 and 2025.

“The Permian region’s proximity to crude oil refine and export terminals on the Gulf Coast. It established takeaway capacity and improved new well productivity to support crude oil production growth in the region,” the EIA wrote in its June 2024 Short-Term Energy Outlook.

“Without a doubt, the mighty Permian Basin is the major factor. It makes Texas the 8th largest economy in the world”. This is what Todd Staples, president of the Texas Oil & Gas Association, commented to the Reporter-Telegram by email.

“The Permian Basin leads US energy production. It single-handedly contributing nearly 45% of domestic oil production, thanks to its phenomenal reserves, private sector investment in infrastructure, and Texas’ welcoming business climate that includes a stable regulatory environment,” he continued.

Click here to read the full article
Source: mrt

—

If you have any questions or thoughts about the topic related to EIA, feel free to contact us here or leave a comment below.

You might also like
ExxonMobil will buy a 40% stake in the new Bahia NGL pipeline from Enterprise Products Partners to boost Permian gas takeaway capacity. Exxon to buy stake in Enterprise’s new Permian NGL pipeline
Chevron's new triple-frac method cuts time by 25% and costs by 12% in Permian Basin oil and gas extraction. New oil and gas extraction technique saves time and money in the Permian Basin
Crude oil futures rose Wednesday as Federal Reserve Chair Jerome Powell indicated that interest rates will likely come down this year. Oil prices rise more than 1% on Fed rate cut outlook, signs of rising gasoline demand
Oil prices rise Oil prices rise as inflation eases, bolstering market hopes for Fed rate cut later this year
The US oil industry is now in a post-boom era, focusing on smart growth aligned with demand rather than rapid expansion. US Oil Industry’s Year: 2023 may have been the best year yet
Gov. Greg Abbott signed new laws to support Texas oil and gas and promote long-term growth in the Permian Basin. Abbott signs bills to boost Texas oil and fight Permian Basin theft
Chevron CEO Mike Wirth discusses how US energy dominance ties to national security while praising Trump-era policies. Chevron CEO applauds Trump administration’s energy policy shift during Permian Basin tour
Occidental Petroleum, 1PointFive expect Phase1 of the STRATOS DAC plant in Texas' Permian basin to come online in this year’s 2nd quarter. Stratos carbon capture plant targets second-quarter startup

Get project updates and learn more

Sign up for our free email newsletter:

 We respect your email privacy

About Ranger

contact usRanger Land and Minerals is a Dallas, Texas-based acquisitions and mineral rights company with team members having close to 100 years of combined oil and gas royalties industry experience.

Contact Us

Our Partners
We work with the top drilling operators, including:
     

Learn More

Our Associations
We are proud members of the following associations:
         

Learn More

  • Paid Up Oil and Gas Lease: What It Means, How It Works, and What to Watch For
  • How to Get Oil Companies to Drill on Your Land
  • Average Price Per Acre for Mineral Rights: What to Expect and How to Estimate Value
  • How Much Money Can You Make From an Oil Well?
  • How to Find Oil on Your Land

View All Guides

  • Stratos carbon capture plant targets second-quarter startup
  • Permian output highlighted as strategic amid Iran tensions
  • Two vessel incidents in the Strait of Hormuz lift oil shipping costs
  • Federal policy signals more U.S. leasing, permits, and LNG growth
  • Supreme Court tariff ruling may ease oilfield input costs over time

View All News

Are you interested in buying or selling mineral rights?

Contact us and a representative will be in touch shortly

Contact Us

100 Crescent Court, Suite 700
Dallas, Texas 75201

(469) 310-4970

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn

Contact Us

Our team specializes in the acquisition of mineral rights, royalties, overriding royalty and non-operated working interests. Contact us to learn more about how we can assist you.

Contact Us

Our Company & Services

  • About Us
  • Minerals/Royalties
  • 1031 Exchange
  • Contact Us

Resources

  • Guides
  • FAQ
  • Glossary
  • News
© Copyright Ranger Land and Minerals | Privacy Policy | Disclaimer
Link to: US crude oil recovers losses after surprise stockpile decline Link to: US crude oil recovers losses after surprise stockpile decline US crude oil recovers losses after surprise stockpile declineOil prices found support after U.S. commercial crude stockpiles declined by 1.4 million barrels in the first week of May. Link to: Effects of environmental regulations on oil and gas royalties Link to: Effects of environmental regulations on oil and gas royalties Discover how environmental regulations impact oil and gas royalties & explore strategies to navigate challenges in our comprehensive guide.Effects of environmental regulations on oil and gas royalties
Scroll to top