U.S. oil production will grow by about 500,000 barrels per day this year, with 80% or 90% of that coming from the Permian basin, Frederick Forthuber, president of Oxy Energy Services at Occidental Petroleum Corp said on Tuesday at the CERAWeek conference in Houston.
Oil output growth in the U.S. has moderated, and is anticipated to remain slower as companies have shifted their focus to investor returns and faced headwinds such as inflation and supply chain constraints.