Fri. May 24th, 2024

Permian Basin Is Among The Most Oil Production Areas World Wide

ALBUQUERQUE (KSMX)- Federal forecasters say drilling in the United States is expected to drive global crude oil production through 2020.

the AP News Reports, the U.S. Energy Information Administration offered some details on the forecast Wednesday. Industry officials are expecting New Mexico to close 2019 as a record-setting year.

The New Mexico Oil and Gas Association officials said producers are poised to top 300 million barrels for the year and daily production levels could reach 1 million barrels before 2020.

The U.S. agency says most of the world’s production growth will come from outside the Organization of the Petroleum Exporting Countries which includes the Permian Basin that straddles parts of New Mexico and West Texas.

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