Skip to content
Subscriber Only

Permian Basin Is Growing Into the Largest Oil Patch in the World

  • Shale play in Texas, New Mexico to hit record output in May
  • Oil patch seen overtaking Iran by the end of the year
Video player cover image

XTO Energy President on Unlocking Permian Basin's Potential

Updated on

The Permian shale play is all about setting records. Now, the region may even become the world’s largest oil patch over the next decade.

Output in the basin is forecast to reach 3.18 million barrels a day in May, according to the Energy Information Administration. That’s the highest since the agency began compiling records in 2007. By 2023, the basin may produce 4 million barrels a day, according to the International Energy Agency. The Ghawar field in Saudi Arabia is currently the world’s biggest oil field, with capacity of 5.8 million barrels a day, according to a 2017 EIA report.