US shale
Permian still primed for growth
Expansion prospects for the dominant oil shale basin remain in 2023
“The notion that somehow the Permian cannot grow, we do not believe is true. As long as WTI prices remain above c.$65/bl, it can and will grow. You are not going to hit the sweet spot exhaustion point until you get to the second half of the 2020s.” So says Raoul LeBlanc, vice-president, energy, at intelligence firm S&P Global Commodity Insights. And other analysts agree. Research firm Enverus forecasts Permian production rising by 400,000bl/d year-on-year— with associated gas up by 1.6bn ft³/d (45.3mn m³/d)—in 2023, while consultancy Wood Mackenzie expects the West Texas basin to account for more than 70pc of its almost 700,000bl/d annual increase in US onshore production, or c.490,000bl
Also in this section
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
21 January 2026
Petroleum Economist takes a look at the critical developments that look set to govern the course of the market for this year
20 January 2026
The ripple effects of US refiners switching to Venezuela grades will be felt from Canada to China and everywhere in between
