The Permian Is Not Done Yet

Back in 2017, oil production in the Permian stood at 2.2 million barrels daily. Today, the Permian is producing over 6 million barrels daily, accounting for nearly half of the U.S. total. Predictions of a looming peak have lately multiplied, but according to Wood Mackenzie, the Permian is not done yet—not if prices improve. To be sure, the boom days seem to be over. Production growth in the most prolific shale play in the United States has been slowing already as production costs climb higher while oil prices slide lower. Most forecasts for…