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September 30, 2020

Permian Basin outlook to stabilise at an average annual production of 4.3 million barrels per day during 2020

By Agne Suipyte

The Permian Basin has been the most affected play in the US since the beginning of the Covid-19 pandemic. The play had a drastic drop in its output going from 4.85 million barrels per day (mmbd) in March 2020 to 3.89 mmbd in May 2020. At its peak in March, the Permian had 405 drilling rigs and currently, in September, there are just 125 drilling rigs in the area. Oil production has grown back to reach 4.11 mmbd in August. The rise in production came mainly from operators re-opening up wells that were previously shut-in during prior months.

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