Permian Basin is currently experiencing the largest drop in production in US Lower 48, producing at approximately seven million barrels of oil equivalent per day (mmboed) and 4.8 million barrels per day of oil (mmbd), representing a drop of 7% from March high.

As many producers are announcing capital expenditure (CapEx) cuts and oil production curtailment, GlobalData estimates that crude oil production decline in Q2 amounts to approximately one mmbd.

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