Shale production in the largest U.S. oil field should rise by as much as 300,000 bbl/d by December, according to updated forecasts following the industry’s latest quarterly results.
The higher outlooks, amid worries the recent breakneck pace of gains may not be sustained, come on the heels of one high-profile Permian Basin producer’s oil output miss last quarter and decisions by several other energy companies to trim annual budgets.
Oil production from the Permian Basin of West Texas and New Mexico is closely watched because its low costs and rapid growth have pressured efforts by OPEC to drain a global crude supply glut.
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Source: Daily Dose of ShaleDirectories.com News