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The EIA says oil production in the Permian Basin will hit an all-time high in November (NYSE:CVX)


Oil pump at sunset

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Oil production in the Permian Basin is forecast to grow by ~50 trillion bpd to a record 5.45 million bpd in November, the US Energy Information Administration said on Monday. Latest productivity report.

Total US crude oil Output is expected to increase by 104k bbl/d to more than 9.1 million bbl/d in November, the highest level since March 2020, the EIA report said.

The top Permian producers include (NYSE:CVX), (NYSE:XOM), (NYSE:OXY), (COP), (PXD), (CHK), (DVN), (EOG), (MRO), (CTRA), (FANG), (APA)

ETFs: (USO), (UCO), (SCO), (USL), (DBO), (USOI), (NRGU)

The EIA also shows oil production in the Bakken shale rising by 22k bbl/d to 1.19 million bbl/d next month, the highest since December 2020, and in the Eagle Ford shale rising by 18k bbl/d to 1.22 million bbl/day, the highest since April 2020.

With oil “on the brink of a higher boom,” Chevron (CVX) and Devon Energy (DVN) are the two “top picks,” writes Leo Nelissen in one recently published analysis on Seeking Alpha.

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