Crude production in the US shale patch is slowly recovering
US shale closes the gap
Supply is gradually returning, but the market will remain tight into next year
The start of 2022 may be fast approaching and oil market volatility again on the rise—with WTI suffering its biggest drop in early December since the initial pandemic-induced freefall last year—but crude production in the US shale patch is slowly recovering, and the Permian has already surpassed pre-pandemic levels. The EIA estimates that US crude production will end this year averaging 11.1mn bl/d, down by 200,000bl/d from last year and 1.13mn bl/d below volumes recorded in 2019. Into next year, the agency expects greater tight oil activity—driven by oil prices staying above $60/bl—to lift average annual production to 11.9mn bl/d, edging closer to pre-pandemic levels but still 333,000bl/d b
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
