In August 2024, the United States set a new record for crude oil production, reaching an average of 13.4 million barrels per day (b/d), according to the latest Petroleum Supply Monthly data, published by Energy Information Administration.
This surpassed the previous record of 13.3 million b/d set in December 2023, highlighting the sustained growth of the U.S. oil industry.
Steady growth in 2024
Throughout the first eight months of 2024, U.S. crude oil production remained robust, falling below 13.0 million b/d only in January.
The annual average for 2024 is forecasted at 13.2 million b/d, surpassing the current annual record of 12.9 million b/d set in 2023.
Future outlook
Looking ahead, U.S. crude oil production is expected to reach an average of 13.5 million b/d in 2025, according to the latest Short-Term Energy Outlook (November 2024).
Global leadership in oil production
The United States has been the world’s leading crude oil producer since 2018, maintaining this position due to advancements in technology and sustained investment in production.
This milestone not only underscores the strength of the U.S. oil industry but also highlights its pivotal role in meeting global energy demands. With projections for continued growth, the U.S. solidifies its position as a key player in the global oil market.
Which countries have the highest oil production in the world?
1. United States
2023 Average Production: 12.9 million barrels per day (b/d).
Record Monthly Production: Over 13.3 million b/d (December 2023).
2. Russia
2019 Peak Production: 10.8 million b/d.
2023 Production: Declined by 200,000 b/d due to sanctions and voluntary cuts.
3. Saudi Arabia
2022 Peak Production: 10.6 million b/d.
2023 Production: Declined by about 900,000 b/d due to OPEC+ cuts and voluntary reductions.
4. Canada
2023 Production: Not specifically stated but part of the next three largest producers contributing a combined total of 13.1 million b/d.
5. Iraq
2023 Production: Included in the combined 13.1 million b/d with Canada and China.
6. China
2023 Production: Part of the 13.1 million b/d shared with Canada and Iraq.
Global production insights
Top 3 Producers (United States, Russia, Saudi Arabia): Accounted for 40% of global production, totaling 32.8 million b/d in 2023.
Next 3 Producers (Canada, Iraq, China): Produced slightly more than the United States alone, at 13.1 million b/d.
Additional notes
World production and rankings are heavily influenced by geopolitical factors, technological advancements, and voluntary production cuts.
U.S. production has shown consistent growth since 2009, except for declines during the COVID-19 pandemic.
The United States' dominance in oil production remains unchallenged due to technological innovation and resource capacity, with information from EIA.
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