The Permian Basin Is Out-Producing Saudi Arabia’s Ghawar Field

One of my 2023 energy predictions was that the U.S. would set a new annual oil production record this year. As we approach the midpoint of the year, this prediction is still tracking toward being accurate. The latest Weekly Petroleum Status Report from the Energy Information Administration (EIA) shows current U.S. oil production to be 12.4 million barrels per day (bpd). That’s an increase of 400,000 bpd from a year ago, but still short of the 13.0 million bpd level reached in November 2019. Nevertheless, year-to-date oil…