As the U.S. and global economy recover, production in the Permian Basin is finally returning to pre-pandemic production levels as the American oil industry gets back on track. By May, production levels in the basin are expected to reach 4.466 million bpd , the highest level in the last 12 months. The Energy Information Administration (EIA) also highlighted the increase in rig counts in the region. Several companies are attempting to ramp up production and speed up drilling and exploration projects that were halted following the severe weather conditions experienced in Texas in February, to ensure they meet targets as demand levels improve. Prior to the disruptions in February, projects in the basin were getting back on track with wells being drilled at 57 percent their pre-pandemic speed, at a rate of around 250 a month. However, producers are aiming to balance production levels with low investment rates to […]