Oil production in the U.S. Permian Basin has once again exceeded expectations with steady growth.

According to Enverus data, U.S. oil producers, led by those in the Permian Basin region, are expected to increase production by 378,000 barrels per day by the end of this year, a gain of 2.8%. The Permian Basin accounts for nearly half of total U.S. crude oil production and is closely watched by global oil investors because U.S. shale oil drillers are able to rapidly ramp up output within a few months. According to Enverus statistics, 85% of the new crude oil production will come from the Permian Basin. Companies such as Permian Resources and Diamondback Energy Inc. have been raising their production forecasts throughout the year.