Steady global demand for crude and ongoing OPEC production reticence could motivate U.S. oil producers to keep output near record levels this year. In doing so, they could also continue to deliver robust amounts of associated natural gas from the Permian Basin, countering efforts elsewhere to curb supply in the face of low prices.

The Permian is the second-largest source of U.S. gas and, if supply from the prolific region remains elevated, it could substantially offset recent cuts made by exploration and production (E&P) firms in other basins to reduce a glut of supply amid a mostly mild winter. These include reductions by leading producers Chesapeake Energy Corp. and EQT Corp.

RBN Energy LLC analyst Tom Biracree noted that, confronted with sustained sub-$2/MMBtu natural gas...