As oil prices rally, the rig count in the Permian is ticking up and oil production in the basin is set to reach pre-pandemic levels soon. The rig count in the top oil-producing shale play is now 136 rigs above what it was this time last year. The Permian is leading the U.S. rig additions and is the key driver of America’s oil production growth, while the other shale basins show either stagnant or slightly declining output.
Most analysts expect the Permian oil production to reach pre-COVID levels of 4.9 million barrels per day…Rising U.S. Oil Production Unlikely To Spoil OPEC’s Party
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