Permian Basin oil production set to hit all-time high in November, EIA says
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Oil production in the Permian Basin is forecast to rise by ~50K bbl/day to a record 5.45M bbl/day in November, the U.S. Energy Information Administration said Monday in its latest productivity report.
Total U.S. crude oil output is expected to increase by 104K bbl/day to more than 9.1M bbl/day in November, its highest since March 2020, the EIA report said.
Top Permian producers include (NYSE:CVX), (NYSE:XOM), (NYSE:OXY), (COP), (PXD), (CHK), (DVN), (EOG), (MRO), (CTRA), (FANG), (APA)
ETFs: (USO), (UCO), (SCO), (USL), (DBO), (USOI), (NRGU)
The EIA also sees oil output in the Bakken shale rising by 22K bbl/day to 1.19M bbl/day next month, the most since December 2020, and in the Eagle Ford shale adding 18K bbl/day to 1.22M bbl/day, its highest since April 2020.
With oil "on the verge of exploding higher," Chevron (CVX) and Devon Energy (DVN) are two "top-tier picks," Leo Nelissen writes in an analysis published recently on Seeking Alpha.