Texas and New Mexico continue to grow crude oil production, according to U.S. Energy Information Administration, and Enverus Intelligence Research said this week it “expects oil growth to accelerate” in the second half of the year.
EIA said Texas production averaged 5.4 million barrels per day in March – up 97,000 b/d over February and up 422,000 b/d compared to March 2022.
And in New Mexico, the nation’s second largest oil-producing state, production increased by 22,000 b/d in March from February to 1.8 million b/d. That’s 356,000 b/d over March 2022.
Enverus said May 31 that oil supply from U.S. lower 48 has increased by 200,000 year-to-date. Enverus forecasts U.S. lower 48 oil production will grow by 800,000 b/d from 2022 yearend to 2023 yearend.
