Free Trial
USDCAD TECHS

Pullback Considered Corrective

AUDUSD TECHS

Corrective Cycle

EURJPY TECHS

Corrective Bounce

USDJPY TECHS

Short-Term Trend Needle Points South

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Output From Permian Region Driving US Oil Production Growth

OIL

EIA forecast that crude oil production in the US will increase from 11.9mb/d in 2022 to 12.4mb/d in 2023 and 12.8mb/d in 2024. The previous record output was 12.3mb/d set in 2019.

  • The increase is mainly driven by higher output from the Permian region but also from the Federal Offshore Gulf of Mexico.
  • Completion of new pipelines will allow producers to transport more natural gas and therefore remove a potential constraint on crude oil production. Permian output is forecast to increase by 470kb/d to average 5.7mb/d in 2023 and by another 350kb/d in 2024.
  • Crude oil production in the GOM is expected to increase by 120k b/d in 2023.

108 words

To read the full story

Why Subscribe to

MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

EIA forecast that crude oil production in the US will increase from 11.9mb/d in 2022 to 12.4mb/d in 2023 and 12.8mb/d in 2024. The previous record output was 12.3mb/d set in 2019.

  • The increase is mainly driven by higher output from the Permian region but also from the Federal Offshore Gulf of Mexico.
  • Completion of new pipelines will allow producers to transport more natural gas and therefore remove a potential constraint on crude oil production. Permian output is forecast to increase by 470kb/d to average 5.7mb/d in 2023 and by another 350kb/d in 2024.
  • Crude oil production in the GOM is expected to increase by 120k b/d in 2023.