The EIA might be forecasting that the Permian Basin’s oil production will be rebounding soon, but overall, today’s U.S. oil production is still 2 million barrels per day below the levels seen in January 2020. The EIA’s Monthly Drilling Productivity Report is forecasting that for the nation’s most prolific basin, the Permian, production will return to 4.466 million barrels per day in May. That compares to 3.918 million bpd in May 2020—but that was hardly prior to the pandemic. In January 2020, the Permian basin’s average oil production was 4.793 million bpd. This means that oil production in the Permian Basin is down 327,000 bpd, or 7% under January levels. That’s a fairly good recovery, at least for the Permian. But overall, U.S. oil production is still sitting at 10.9 million bpd—compared to 12.9 million bpd in January of last year. This is 15.5% under January levels. Other basins […]