NorthAmOil: US produced more oil in 2023 than any country for sixth consecutive year

The US produced more oil than any country at any time for the past six years in a row, according to the US Energy Information Administration (EIA).

Crude production in the US, including condensate, averaged 12.9mn barrels per day in 2023, breaking the previous US and global record of 12.3mn bpd set in 2019. Average monthly US crude oil production established a monthly record high in December 2023 at more than 13.3mn bpd.

America’s record oil production is unlikely to be beaten by any other country “in the near term because no other country has reached production capacity of 13mn bpd”, said the EIA.

Saudi Arabia’s state-owned Saudi Aramco recently scrapped plans to increase production capacity to 13.0mn bpd by 2027, noted the agency, part of the US Department of Energy (DoE).

Together, the US, Russia and Saudi Arabia accounted for 40% (32.8mn bpd) of global oil production in 2023. The three countries have produced more oil than any others since 1971 (counting production in the Russian Federation of the Soviet Union prior to 1991), although the top spot has shifted among them over the past five decades.

By comparison, the next three largest producing countries – Canada, Iraq and China –together produced 13.1mn bpd in 2023, only slightly more than what was produced in the US alone, said EIA.