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The Permian Basin is the world’s ‘swing producer’

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While it’s tough to bet which direction oil prices may swing, Tellurian Chairman Charif Souki said Thursday that the Permian Basin in Texas and New Mexico is the key influence on the market.

“What I’m thinking now is that the Permian Basin has become the swing producer in the world and, therefore, what happens in America matters more than what happens at OPEC,” he said in a sit down interview with CNBC’s Jim Cramer on “Mad Money.”

OPEC on Thursday, Reuters reported, predicted that demand for crude would fall in 2020, which caused oil prices to cool. Brent crude, a benchmark price for oil, futures fell 39 cents to $66.61 a barrel and U.S. West Texas Intermediate crude futures slipped…



Source cnbc.com

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