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U.S. Remains World's Largest Oil Producer for Sixth Year in a Row

The United States produced more crude oil than any other country in 2023, for the sixth year in a row, with production averaging 12.9 million barrels per day, up from 12.3 million bpd in 2019, which set a global record at the time, according to the Energy Information Administration (EIA). 

The U.S. also set a monthly global production record in December, hitting 13.3 million bpd that month. 

The potential for any other country to beat this monthly record in the short term is very low, according to the EIA, based on capacity. The only country capable of reaching the U.S. capacity of 13 million bpd is state-owned Saudi Aramco, which recently announced it was halting output capacity expansion plans, which would have brought it up to 13 million bpd by 2027. 

Last year, the U.S., Saudi Arabia and Russia were responsible for 40% (32.8 million bpd) of the world’s crude oil output, followed by Canada, Iraq and China. 

Russian production, according to the EIA, fell by 200,000 bpd last year, due to sanctions and Russia’s OPEC+ voluntary cuts. Saudi production fell by about 900,000 bpd due to OPEC+ quotas and voluntary cuts. 

Related: This Could Be A Gamechanger For Natural Gas In Europe

The increases in output on the U.S. side are thanks to new drilling technologies, with the Permian basin primarily responsible for the increases. 

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U.S. production peaked in 1970 at 9.6 million bpd and then went into a state of decline, dropping to 5 million bpd in 2008, with output again increasing in 2009 thanks to hydraulic fracturing and enhanced oil recovery technology. Growth continued from then on, until the COVID pandemic, according to the EIA.

By Charles Kennedy for Oilprice.com

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  • George Doolittle on March 11 2024 said:
    Tech moving to Texas has definitely been a remarkable 2nd wind for easily the best run for US domestic oil production post World War 2. Refinery runs have been very weak to start 2024 so that does not bode well imo for oil prices. Natural gas to oil price differential crazy wide as well. US energy logistics have changed for the better permanently as well both wholesale and retail plus in reliability and dispatch I think overwhelmingly due to the space launch rocket boom which involves crazy complex piping all its own let alone connecting all of that to the electrical grid. General Electric back from the dead anyways. Might see some hostile takeovers en route actually as many under-performers out there equity price wise currently. Long $ibm international business machines strong t
  • Mamdouh Salameh on March 11 2024 said:
    We only have the US Energy Information Administration's (EIA's) word for this against demands by veterans of the US shale oil revolution for more realistic and transparent figures by the EIA.

    It is believed that US oil production is inflated by 2.0-3.0 million barrels a day (mbd) meaning that its production ranges from 10.0-11.0 mbd and not 12.9 mbd.

    Until the EIA provides more credible and transparent figures as the shale veterans demanded three years ago, there will always be question marks about US production figures.

    As part of the manipulation of the global oil market to depress oil prices for the benefit of the US economy, the EIA has been trying to create the impression that there is glut in the market. Is it not possible then that it will try to exaggerate US production figures?

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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