Permian oil production rises to new record, seen topping 5M bbl/day next month
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Oil production in the Permian Basin set a record in December, averaging 4.92M bbl/day, according to the Energy Information Administration, topping the previous record set at the onset of the COVID-19 pandemic in March 2020.
The EIA also forecasts supplies in February will add 80K bbl/day to exceed 5M bbl/day for the first time.
Total oil output from major U.S. shale regions reached 8.34M bbl/day last month, the best since April 2020, and is projected to rise to 8.54M in February, but still well below the record 9.27M bbl/day set in November 2019.
Total U.S. oil production still lags pre-pandemic levels, but the Permian has recovered the most quickly because low production costs make it most appealing to drillers.
ETFs: XLE, XOP, VDE, OIH, USO

Top Permian producers include CVX, OXY, PXD, FANG, EOG, XOM, DVN

The energy sector has sprinted to the top of the S&P standings to start the year as crude oil prices rally to seven-year highs.