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Report: Oil production in Texas is likely to increase, but with a slower growth rate

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Rystad Energy, a Norwegian energy research company, said on Tuesday oil production will rise every month this year in Texas, but that the growth rate at which oil is produced will be slowed. 

In December, 4.5 million barrels of oil were reported being produced per day statewide. Rystad Energy said fracking activity showed approximately 900,000 barrels of oil per day that had not been reported yet due to delays, the Houston Chronicle reported.

The December report from Rystad Energy said that oil being drilled in Texas wells increased to approximately 5.4 million barrels per day. 

Most of the bigger petroleum producing companies in the state kept an increasing trajectory for oil production in December, Rystad Energy said.

There will be oil drilling across the entire state of Texas this year. Rystad Energy said this fracking will assist in increasing production for most months this year.

Rystad Energy opened in 2004 and opened its first U.S. offices in 2012.

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