Welcome
Environment & Energy Report

OPEC’s Worst Nightmare: Permian Basin About to Pump a Lot More

Nov. 21, 2018, 2:21 PM

The map lays out OPEC’s nightmare in graphic form.

An infestation of dots, thousands of them, represent oil wells in the Permian Basin of West Texas and a slice of New Mexico. In less than a decade, U.S. companies have drilled 114,000. Many of them would turn a profit even with crude prices as low as $30 a barrel.

OPEC’s bad dream only deepens next year, when Permian producers expect to iron out distribution snags that will add three pipelines and as much as 2 million barrels of oil a day.

“The Permian will continue to grow and OPEC needs...

To read the full article log in. To learn more about a subscription click here.