Crude production in the US shale patch is slowly recovering
US shale closes the gap
Supply is gradually returning, but the market will remain tight into next year
The start of 2022 may be fast approaching and oil market volatility again on the rise—with WTI suffering its biggest drop in early December since the initial pandemic-induced freefall last year—but crude production in the US shale patch is slowly recovering, and the Permian has already surpassed pre-pandemic levels. The EIA estimates that US crude production will end this year averaging 11.1mn bl/d, down by 200,000bl/d from last year and 1.13mn bl/d below volumes recorded in 2019. Into next year, the agency expects greater tight oil activity—driven by oil prices staying above $60/bl—to lift average annual production to 11.9mn bl/d, edging closer to pre-pandemic levels but still 333,000bl/d b
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
