Texas Permian Basin is producing over twice as many barrels of oil a day than Iran is exporting
Fuel Fix:
Texas' crude oil production is projected to grow next month by 68,000 barrels a day, led by the Permian Basin in West Texas, the Energy Department said Monday.Iranian exports have fallen to 1.5 million barrels a day. As the infrastructure bottleneck is reduced the Permian Basin production will increase dramatically as shut-in wells are completed and brought into production.
The Permian increased production faster than expected in October and is projected to grow by nearly 40,000 barrels more than previously estimated, the Energy Department said. By the end of the month, output from the prolific shale play is expected to be just shy of 3.5 million barrels a day.
In November, the Energy Department expects Permian production to grow by another 53,000 barrels a day, putting oil production at 3.55 million barrels a day.
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