US oil giants Exxon and Chevron plan to aggressively increase production in the Permian Basin in 2024; This could lead to US manufacturing growth exceeding forecasts, as in 2023. This was reported by Bloomberg.
According to sources, Chevron plans to increase production by 10% from 2023 and increase production in the Permian Basin to 1 million barrels per day by 2025. This is more than twice the growth rate of other independent oil producers in the region.
Exxon also plans to increase production by 7%. Exxon’s total production is expected to more than double with the completion of its $60 billion acquisition of Pioneer Natural Resources. The company currently produces 650 thousand barrels of oil per day in the Permian Basin, excluding Pioneer.
Analysts say Exxon and Chevron’s production growth rates in the region are being closely monitored because they are already the largest producers. Any increase will come from a high base and impact global supply.
US production growth in 2023 exceeded expert forecasts, putting pressure on prices and increasing contradictions within OPEC+. Exxon and Chevron’s plans could mean a similar situation could occur this year.
Before that in the USA discovered Imports of Russian oil through a “loophole” in the Bahamas.
Previously, oil prices were noticeably higher this week. fallen.