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Permian Oil Output Sets Record for the Third Consecutive Month

  • Tops 5 million barrel a day for the first time in EIA data
  • Supply from 7 major shale basins at highest since March 2020
Updated on

Production from America’s Permian Basin reached a record high for the third month in a row in January as a red-hot price rally keeps shale drillers busy. 

Crude supply from the basin, which includes Texas and New Mexico, averaged 5.06 million barrels a day in January, surpassing the 5 million mark for the first time in data going back to 2007, according to the Energy Information Administration. The agency expects volumes to grow through March.