Permian Basin oil production is expected to grow by about 900,000 b/d in 2022 and by the same amount in 2023, according to new analysis by Rystad Energy.
The Oslo-based consultancy sees production from the onshore play swelling from 4.7 million b/d in 2021 to 5.6 million b/d this year, and to about 6.5 million b/d in 2023.
By comparison, Rystad expects OPEC member Iraq to grow output by some 600,000 b/d in 2022 and 400,000 b/d in 2023.
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The Permian, which spans West Texas and southeastern New Mexico, now boasts higher production than any country outside the United States except for Russia and Saudi Arabia, researchers highlighted.
For 2023, the basin is on...