The US held on to the position of being the world’s largest oil producer for six years in a row. While the US produced 12.3 million barrels per day in 2019, the numbers significantly shot up over the years. The United States is the global leader in crude oil production now averaging 12.9 million barrels per day in 2024.
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In addition, the US crude oil output hit an all-time high in December last year touching 13.3 million bpd. America’s oil production remains strong and steady and is ready to take on global players in the oil and gas field. The rise in US oil production comes after the launch of new drilling technologies primarily based in the Permian basin.
US Holds On The World’s Largest Oil Producer Title For Six Consecutive Years
The potential for other countries to beat this record in the near term is low, said a report from the Environmental Impact Assessment (EIA). The only contender that stands a chance to beat the US production of 13.3 million bpd is Saudi Arabia’s Aramco.
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However, Saudi Aramco recently announced that it is halting the output expansion plans for crude oil. This gives way for the US to remain the world’s largest crude oil producer for many more years to come.
In 2023, the US, Saudi Arabia, and Russia were combinedly responsible for 40% of the world’s oil output. The trio managed an output of oil production reaching 32.8 million bpd.
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However, Russia’s production capability dipped from February 2022 onwards as the US pressed sanctions on its economy for invading its neighboring country Ukraine.
Russia’s production is down by 200,000 bpd and could decrease further due to pressure on its economy. On the other hand, Saudi Arabia’s Aramco saw a slump of 900,000 bpd due to OPEC+ quotas and voluntary cuts.
