Oil output rebound felt in the first half of 2021

News

PERMIAN BASIN (Nexstar) — If 2020 was the year we saw loss, then 2021 is the year we’re seeing growth, as far as oil output in the United States.

According to Rystad Energy, crude oil output rebounded in the first half of 2021.

This rebound took us to 11,000,000 barrels each day in June.

The energy firm expects a positive trend, where growth is expected to hit 60,000 barrels each day.

Looking into the future, the Permian Basin is expected to drive nearly all oil production growth in the next two years, according to the American Oil and Gas Reporter.

Additionally, the rest of the country is expected to remain in a maintainer-type mode.

Gas production appears to trend positively, too.

Production is expected to grow gradually, inching closer to the 100,000,000,000 cubic feet mark by the end of 2022.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss