As oil prices pass $80 a barrel, U.S. oil and gas producers are ramping up production faster by accelerating the completion of new wells in the Permian Basin, western Texas and southeastern New Mexico. – the country’s leading shale oil field.

The Permian Basin will account for most of the expected increase in US production this year of up to 900,000 bpd. According to government data, oil production last year fell to about 11.18 million bpd due to the impact of hurricanes and falling demand during the COVID-19 pandemic.

U.S. shale oil production has increased as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or OPEC+, have struggled in recent months to meet high production increase targets. than. Unrest in Kazakhstan and Libya has raised concerns about supply in the market, causing US oil prices to rise to more than $81 per barrel from $53 per barrel the previous year.

According to market sources citing data from the American Petroleum Institute (API), crude oil inventories in the United States fell by about 1.1 million barrels last week, below estimates for a decrease of 2 million barrels in the previous week. a Reuters poll. Official data on the US government’s oil reserves will be released on January 12.

Bank of America analysts forecast global spending on drilling and finishing will grow 22%, the strongest annual increase since 2006.

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