The U.S. oil production outlook is set to grow over the next five years, according to GlobalData. The U.S. oil production outlook is set to grow over the next five years from 10.96 million barrels per day (MMbpd) in the beginning of 2021 to more than 12.9 MMbpd by 2030. That’s according to GlobalData, which noted that the biggest growth is expected to happen in the Permian Basin. In a statement sent to Rigzone late Monday, the company outlined that crude oil and condensate supply in the region is projected to increase by almost 0.90 MMbpd, from 4.5 MMbpd in 2021 to 5.4 MMbpd by the end of the outlook period. U.S. Lower 48 production is set to exceed pre-pandemic levels, GlobalData highlighted, adding that U.S. Lower 48 operators were able to reach significant drilling and completion improvements in the past year. They were said to lower the break-even […]