Permian Basin to reach record production in July: EIA

Oil production from the Permian Basin is set to rise to a record 5.316 million barrels per day in July, according to a new report from the US Energy Information Administration — an increase that comes even with rising inflation and a lack of refining ability to keep prices largely unchanged.

According to a drilling productivity report from the Energy Information Administration, oil production in the Permian Basin, the abundant shale basin that stretches through Texas and New Mexico, is expected to increase by 84,000 barrels per day.

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Meanwhile, total production from the major US shale oil basins is expected to rise to 8.901 million barrels per day, the highest point since March 2020, according to the Energy Information Administration.

Meanwhile, the number of drilled and incomplete wells, or DUC, is at its lowest level since 2013, the Energy Information Administration said. Reuters reports that the number of available DUCs has decreased for 23 consecutive months.

Record Permian production levels come months after the Biden administration pushed to increase drilling and domestic production, as part of an effort to lower record fuel costs amid Russia’s war in Ukraine, which has dented demand and crowded out global energy supplies.

Despite the higher-than-expected EIA forecast, analysts say the impact of new crude supplies is expected to be limited. For consumers to see lower prices, more drilling must be done — and producers cannot rely on existing DUCs to avoid the cost of buying more wells.

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To that end, productivity in the Permian Basin has declined every month since December 2020, according to an EIA report. Production is expected to decline further next month, to 1,116 barrels per day, the lowest point since August 2020.

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