US Oil Drilling, Output Moving Higher with Energy Prices

After a pandemic-induced hiatus, oil production is expected to hit new highs, particularly in the Permian Basin, in the wake of the Russian invasion of Ukraine.

Liz Hampton, Reuters

U.S. oil production forecasts are being revised upwards despite labor and supply chain constraints as higher prices spur more drilling and well completion activity, according to industry experts.

Calls for new oil supplies are being answered by more producers as U.S. prices stay above $100 per barrel, propelled by Russia's invasion of Ukraine. Prices are up 70% year-over-year, offsetting worries of a second pandemic price drop and inflation.

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