Oil production growth is slowing due to natural depletion and rising costs, especially in the permian basin, but new federal estimates could offset geological limits. As oil prices continue their downward slide, major energy companies are taking a hit And canadian rig count and drilling data, and use oilprice.com's graphing tools to compare oil prices, frac spread, production and drilling data per basin or province.
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Diamondback energy and other major players report reduced drilling and fracking activity in the permian basin.
Crude oil production from onshore federal lands reached a record high in 2024, largely driven by increased activity in new mexico's permian basin, while offshore production growth remained. Crude oil prices extended their thursday gains earlier today, set for a weekly rise as the prospect of peace in the ukraine dimmed amid seemingly incompatible demands from the warring parties. Despite “glut hysteria,” oil prices have ticked higher as traders show fatigue with bearish forecasts and remain sensitive to geopolitical risks.
