In effect, a handful of counties in West Texas and southeastern New Mexico have added more new oil supply since 2020 than some OPEC members produce outright — a reminder that the balance of global oil power still tilts heavily toward the Permian.
Amid heated debates about how quickly and at what cost the world could reach net-zero emissions during constant geopolitical shifts and market turbulence, several oil-producing nations are doubling down on oil and their role in global crude supply.