Sunday, July 29, 2018
Oil production in the Permian Basin in West Texas and southeastern New Mexico, already a major force in global supply growth, will rise nearly 3 MMbbld by 2023—a level of growth exceeding most recent estimates, a new outlook by IHS Markit says. What the report describes as a “stunning” level of growth will comprise more than 60% of net global growth during that timeframe. Total oil production in the Permian will be 5.4 MMbbld in 2023, more than the total production of any OPEC member country other than Saudi Arabia.