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Permian Basin Operators, Not OPEC, will Determine Normal Oil Prices from Here Out

March 24, 2020 by

Because 40% of all U.S. onshore rig count is presently in the Permian basin—operating rigs—and with each completion, the amount of production from the basin will increase. So the level of drilling activity will essentially set the Permian breakeven price, and the Permian breakeven price will set the level of drilling activity.

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