According to the U.S. Energy Information Administration (EIA), oil production in the Permian Basin reached an average of 4.92 million barrels per day last December, a record and more than the record set before the start of the new crown epidemic in March 2020.
The EIA also forecasts that oil production will increase by 80,000 bpd in February this year, and eventually production will exceed 5 million bpd for the first time. In the last month, total oil production in major U.S. shale regions reached 8.34 million bpd, the highest level since April 2020, and total production is expected to rise to 8.54 million bpd in February, but still well below the record of 9.27 million b/d set in November 2019.
While total U.S. oil production is still lagging behind pre-pandemic levels, oil capacity in the Permian Basin region has recovered the fastest, largely because lower production costs in the region make it more attractive to suppliers.
Major suppliers of production activities in the Permian Basin include chevron (CVX.US), OXY. US), Pioneer Natural Resources (PXD. US)、Diamondback Energy(FANG. US), EOG Energy (EOG. US), XOM. US), Devon Energy (DVN. US)。 As crude oil prices rose to a 7-year high, the energy stock sector rose at the beginning of the year.
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