Domestic production will rise to 12.6 million barrels daily in 2023, or 600,000 more barrels than in 2022, the U.S. Energy Information Administration (EIA) forecast this week. That would surpass the previous record production of 12.2 million barrels in 2019.
The increase in 2023 shows a recovery in oil pumping from the massive decline early on during the COVID-19 pandemic, when oil prices dropped below $19. Crude oil is currently at around $91 a barrel.
The EIA attributed much of the expected gains to new wells in the Permian Basin, in West Texas and Southeast New Mexico. The agency said that there were about 220 oil rigs added in the lower 48 states, and 114 of those were in the Permian region.
https://fortune.com/2022/02/18/oil-production-permian-basin-rises-2023/