U.S. sets world oil production record for sixth consecutive year, EIA reports

March 11, 2024

(WO) – On Monday, March 11, the Energy Information Administration (EIA) released data showing that the U.S. produced more crude oil than any nation at any time for past six years consecutive years, according to the association’s International Energy Statistics.

Data source: U.S. Energy Information Administration, International Energy Statistics

The data shows that U.S. crude oil and condensate production averaged 12.9 MMbpdin 2023, breaking the previous U.S. and global record of 12.3 million bpd set in 2019. Average monthly U.S. oil production established a monthly record high in December 2023 at over 13.3 MMbpd.

EIA reported that the 2023 oil production record is “unlikely” to be broken by any other nation anytime soon due to other’s failing to reach a 13 MMbpd production capacity. Saudi Arabia, OPEC+ leader and global output powerhouse, pulled back on plans to increase production capacity to 13 MMbpd by 2027, eliminating their chances of breaking the record.

EIA also reported that the U.S., Saudi Arabia and Russia accounted for 40% of global oil production in 2023. This equates to 32.8 MMbpd. These three countries have produced more oil than any others since 1971.

The next three largest producing countries—Canada, Iraq, and China—combined produced 13.1 MMbpd in 2023, only slightly more than what was produced in the U.S. alone.

After peaking at 9.6 MMbpd in 1970, annual U.S. oil production flattened and declined to a low of 5.0 MMbpd in 2008. Crude oil production in the U.S. began increasing again in 2009, as producers increasingly applied hydraulic fracturing and horizontal drilling techniques.

The only exception to U.S. production growth since 2009 was in 2020 and 2021, when demand and prices decreased because of the economic effects of the COVID-19 pandemic. Recently, oil production in the Permian basin drove the increases in total crude oil and natural gas production in the U.S.

Additionally, the EIA also reported a decline in oil production in Russia since holding the record in 2017. OPEC+ and voluntary cutbacks contributed to the decline; however, most of the cuts appear to be caused by sanctions imposed in response to Russia’s invasion of Ukraine.

Meanwhile, Saudi Arabian production peaked in 2022. OPEC+ and voluntary cutbacks caused production to decline by roughly 900,000 bpd in 2023.

Read World Oil’s 2024 Forecast and Review here.

Connect with World Oil
Connect with World Oil, the upstream industry's most trusted source of forecast data, industry trends, and insights into operational and technological advances.