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Oil production growth is slowing due to natural depletion and rising costs, especially in the permian basin, but new federal estimates could offset geological limits.
Ecuador's vital oil industry is in a sharp decline, leading to a deepening economic crisis with soaring fiscal deficits and increasing national debt. Oil production may have peaked, signaling the end of the shale boom Diamondback energy and other major players report reduced drilling and fracking activity in the permian basin. Crude oil production from onshore federal lands reached a record high in 2024, largely driven by increased activity in new mexico's permian basin, while offshore production growth remained.
