News Headlines:
U.S. Sees Record Permian Oil Production in December (Bloomberg)
Oil output in the Permian Basin is projected to hit a record as the largest U.S. shale patch leads the recovery in domestic production from its Covid-19 induced slump. Supplies from the prolific oil field of West Texas and New Mexico are set to increase to 4.95 million barrels a day in December, according to a U.S. government report Monday. That surpasses the record set in March 2020, right before the pandemic wreaked widespread demand destruction globally, triggering production shutdowns and bankruptcies across the U.S.
Crude supplies from the basin now exceed that of each OPEC member except Saudi Arabia, underscoring the Permian’s ascendancy to its role as a globally important swing producer. Its bounceback has been driven by low break-even costs, and the largest U.S. drillers are almost exclusively focusing their limited domestic plans for expansion on the sprawling oil patch, at the expense of other shale basins. Total U.S. output is still a long way off from a full recovery.
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FIS Tankers Daily Report 2021-11-16
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