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Hedging will take priority over any plans to increase production, said Kirk Edwards, a former chairman of the Permian Basin Petroleum Association who now runs a small, closely-held oil producer. producers “would need six months of sustained higher prices for the industry to substantially change their activity levels.”
to become the worlds top oil producer, stealing market share from the Organization of the Petroleum Exporting Countries (OPEC) and other top producers. The Permian basin was the centerpiece of the shale revolution that began nearly two decades ago and spurred the U.S.
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