Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
Silver's rally could be losing its shine after the precious metal reached its year-to-date high, futures experts warn.Futures Nowread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
Today, the Permian basin in Texas and New Mexico is the nation's biggest shale oil producing region. But in just a few years, drillers could be pumping enough Permian crude to outmatch every nation in the world except Russia and Saudi Arabia.
Output from the region is forecast to more than double between 2017 and 2023, jumping to 5.4 million barrels a day, according to a new estimate from IHS Markit.
That would help the United States graduate from an emerging player in export markets to an established power. IHS Markit thinks the United States could be shipping 4 million bpd to foreign customers, up from 1.1 million bpd last year.
The Permian is one of the nation's shale regions, where drillers use advanced methods to unlock oil and natural gas from rock formations. They pummel the shale rock with water, sand and chemicals — a process known as hydraulic fracturing — and recover oil and gas through horizontal wells.
U.S. shale oil and gas regions, source: Energy Information Administration
U.S. shale oil's prospects looked uncertain after oil prices plunged in 2014. However, frackers ilearned to cut costs and drill more efficiently, and the Permian has led a rebound in the U.S. drilling, pushing total production towards 11 million bpd.
At current levels around 3.2 million bpd, the Permian is already pumping more than producer nations like Kuwait, Nigeria and Mexico. If the IHS Markit forecast pans out, the Permian would also leapfrog today's output from Canada, China and Iraq.
That means if it were part of OPEC, the Permian would surpass Iraq to become the cartel's second biggest producer. To be sure, Baghdad intends to build out its capacity to 6.5 million bpd by 2022, but its expansion plans have long been delayed by conflict and instability.
IHS Markit also expects production of natural gas and natural gas liquids will double during the period.
Making the IHS Markit forecast a reality will be expensive. Permian frackers will have to drill about 41,000 new wells and invest $308 billion through 2023.
But the biggest challenge will be building enough infrastructure to bring the surging Permian supplies to market, says IHS Markit. This year, the lack of pipeline capacity to move the crude has led to steep discounts for the region's crude.
That situation illustrates a mismatcth between frackers and pipeline, storage and logistics companies, according to Jim Burkhard, head of crude oil markets at IHS Markit.
"The former are focused on fast growth while the latter require sustained high utilization of infrastructure over decades for projects to be viable," he said in a statement.
Still, the firm has baked bottlenecks into its forecast, meaning the forecast is not a "best case" scenario, said Raoul LeBlanc , head of the IHS Markit Performance Evaluator.
"That the outlook still expects the Permian to exceed existing (and already lofty) expectations speaks to the region's unique and growing prominence to world oil market," he said in a press release.