This massive field is the main source of new records in U.S. oil and gas production. The graph shows that other fields are stagnant: they aren’t even attempting to reach 2019 production levels.
However, relying on the Permian comes with an obvious risk that U.S. oil companies are forced to accept. Production here is highly sensitive to price fluctuations. The graph shows that the primary impact of the 2020 cuts was felt in the Permian Basin. The second, repeatedly mentioned risk: any field will eventually run dry; the Permian cannot be drilled indefinitely. When the Permian reaches its production plateau, it will become a powerful catalyst for global oil price growth.
submitted by /u/XGramatik
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