Permian oil output forecast to hit record high in January -EIA – Reuters

Permian oil output forecast to hit record high in January -EIA – Reuters

NEW YORK, Dec 13 (Reuters) - The largest U.S. shale basin's output will surge to a record in January, according to a monthly forecast from the U.S. Energy Information Administration on Monday.

Crude output from the largest U.S. shale basin, the Permian basin of Texas and New Mexico, may rise 71,000 barrels per day to 5.031 million bpd, the EIA said. That would be the most on record and the basin's first time producing above 5 million bpd.

Output from the Permian is closely watched by the global oil market, because it has pipeline access to export hubs in Houston.