New Mexico’s Oil Output Rises Signaling a Modest Shale Recovery
- State surpasses North Dakota as second-largest producer in May
- Spending curbs may keep oil-production growth limited
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New Mexico’s oil production surged to a record in May highlighting the Permian Basin’s role as the shale industry sees some recovery from the pandemic.
The southwestern state produced about 4% more crude in the month to reach a record 1.22 million barrels a day, according to U.S. government data released Friday. It also topped North Dakota, to become America’s second-biggest onshore oil supplier. New Mexico has churned out more than North Dakota for three straight months, the longest stretch since 2008.