Latest figures suggest that the key Permian shale basin of west Texas and New Mexico will see oil output top the previous record of 4.91mn b/d before the end of this year. Permian gas output of 19.0bn cfd for September is already at record levels.

The majors are doing their bit, with ExxonMobil, Chevron and Conoco Phillips all posting record Permian output for Q3. (CONTINUED - 1179 WORDS)