Less than a year ago, IHS Markit predicted that “stunning” growth in the Permian would result in the basin doubling its oil production to 5.4 million bpd between 2017 and 2023. That 5.4-million-bpd output would be more daily production than in any member of OPEC except for Saudi Arabia, the business information provider said in June 2018. Nine months later, the Permian production is set to break the 4-million-bpd mark as early as in this month, as per EIA estimates. The Permian production is now roughly one third of the total U.S. crude oil output of 12 million bpd. Analysts expect the Permian production could double from the current levels through 2023, and the basin to pump as many as 8 million bpd in four years. That’s roughly the total current oil production from the seven key shale regions in the United States, as per EIA’s Drilling Productivity Report […]