CoWoS: Oil production will hit record high

CoWoS: Oil production will hit record high

According to the energy information administration's latest drilling capacity report, the Permian Basin's crude oil production will hit a record high next month, increasing from 66000 barrels per day in September to 5.413 million barrels per day.

Cowos found according to the EIA report that from this month to next month, the total oil production of the next 48 states is expected to increase by 13200 barrels per day to 9.15 million barrels per day. In October, production will increase in all regions, and will decrease in none of them. Only production in hainsville will remain unchanged.

The latest factual data from the EIA show that the total oil production of the United States in June rose to the highest level since April 2020, reaching 11.8 million barrels per day. This is still lower than the record high productivity of American drillers before the outbreak of the pandemic, but has recovered significantly from the production collapse caused by the pandemic.

Oil companies are still cautious about growth at all costs, especially due to the continuous restrictions on equipment and workers, and the rising costs caused by inflation. However, these figures show that output is slowly rising to meet strong demand, not only in the United States but also abroad.

But not everyone is so optimistic: Scott Sheffield of pioneer natural resources believes that the growth of oil production in the United States next year may be lower than this year.

According to Reuters last week, the CEO of pioneer group predicted that due to the above restrictions, the oil production of the United States would increase by 500000 barrels per day this year, but the production growth in 2023 might be lower than that. EIA estimates that the output will increase by 800000 barrels per day in 2023.

According to the agency's forecast, the US crude oil production may reach a record of 12.6 million barrels per day next year, breaking the previous record of 12.3 million barrels per day in 2019.

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