The Permian Basin in Texas and New Mexico will soon become the third-biggest oil producing region in the world

• Output from the Permian basin is poised to double between 2017 and 2023, according to IHS Markit.
• At 5.4 million barrels per day, Permian production would surpass output from all other producer nation's except Saudi Arabia and Russia.
• IHS Markit believes the jump in output will require more than $300 billion in investment.
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