Crude oil production in the Permian has climbed closer to pre-pandemic levels, according to the latest drilling productivity report of the Energy Information Administration. According to the report, oil production in the Permian stood at 4.826 million bpd this month and will rise to 4.888 million bpd in November. The October average is already higher than the average for February 2020, which stood at 4.816 million bpd. With the price of U.S. crude at over $80 per barrel for the first time in years, shale oil production is finally picking up. Although large public companies are still reluctant to boost output in any significant way lest they anger their cash-return-eager shareholders, smaller, private producers are ramping up to take advantage of the higher prices. “It’s a win for the privates without being a loss for the oil markets,” Raoul LeBlanc, an analyst at IHS Markit, told Bloomberg earlier this […]