Following new sanctions against Iran and Venezuela resulting from increased tensions with North America, the US faced increased pressure to improve oil and gas production. The Permian Basin has played a pivotal role in the US’s recent oil and gas growth. In H2 2018, the country overtook Saudi Arabia in production levels, becoming the biggest crude oil producer in the world. Considering the country’s dependence on imported oil just a few short years ago, this major shift will impact global economies. However, while there has been a boom of oil-rig productivity in the Permian Basin, the market is hypothesising that a bust could be on the horizon as the result of overproduction and saturation within the area.
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