USA Tops Global Oil Production For The Sixth Consecutive Year: EIA

by | Mar 12, 2024 | Daily News, Environmental News

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The USA tops global oil production for the sixth consecutive year. A recently released report by the Energy Information Administration (EIA) revealed this.

In 2023, crude oil production in the U.S., including condensate, averaged 12.9 million barrels per day (b/d). This surpassed the previous American and global record of 12.3 million b/d set in 2019. December 2023 saw a record-high average monthly production exceeding 13.3 million b/d.

The U.S., alongside Russia and Saudi Arabia, collectively contributed approximately 40% of the world’s oil production last year, totalling 32.8 million b/d. Notably, these three nations have consistently held the top positions in oil production since 1971. This includes the production from the Russian Federation of the Soviet Union before its dissolution in 1991.

Production in the Permian Basin, spanning western Texas and eastern New Mexico, has been a driving force behind the surge in U.S. oil and gas output in recent years. The adoption of hydraulic fracturing and horizontal drilling techniques since 2009 has fueled this upward trajectory, leading to record-setting levels of production.

USA tops global oil production

Outlook And Projections

Despite trailing behind the U.S., both Russia and Saudi Arabia are not expected to surpass American production levels in the near future. Russia’s production growth has slowed, partly due to sanctions imposed on its oil and gas sales.

This has been followed by its renewed invasion of Ukraine in 2022. Additionally, Russia, along with other OPEC countries, implemented production cuts in late 2022 and early 2023, including voluntary reductions of 500,000 b/d.

The EIA’s report underscores the remarkable resurgence of U.S. crude oil production. This marks a significant turnaround from the lows experienced in 2008. With continued advancements in drilling technologies and the strategic utilization of resources in key regions like the Permian Basin, the US remains at the forefront of the global oil market.

The USA tops global oil production, shaping its dynamics for the foreseeable future. This achievement not only highlights the nation’s energy independence but also underscores its pivotal role in shaping the global energy landscape.

Also Read: Western US Water Crisis May Occur Even After Wet Winters

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