Oil production growth in the largest U.S. basin is showing signs of significant slowing.
FILE - In this April 24, 2015 file photo, pumpjacks work in a field near Lovington, N.M. Thanks to more barrels of oil being pumped monthly from the Permian Basin, New Mexico is among the nation's top producing states. There's no question that over the past decade, the U.S. shale oil boom has had a tremendous impact on global oil markets. The surge of U.S. oil production broke OPEC's hold on oil prices -- at least temporarily.
However, if we look at the year-over-year gains over the past few years, there has been a noticeable slowdown in oil production growth. This slowdown is particularly pronounced in the Permian Basin. The most recent estimates in the Permian are that year-over-year production is growing today at just over half the level of a year ago. Production growth there has been in rapid decline since peaking a year ago.
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