by Jeff Della Rosa (JDellaRosa@nwabj.com)
According to the U.S. Energy Information Administration (EIA), the United States has produced more crude oil than any other nation for the sixth consecutive year. In 2023, the production average of 12.9 million barrels per day exceeded the previous global record of 12.3 million barrels per day, set in 2019.
According to the EIA, the United States set a monthly production record of more than 13.3 million barrels per day in December 2023. The 2023 record set by the United States is unlikely to be broken by another country in the short term because no other country has reached a production capacity of 13 million barrels per day. Saudi Aramco, a state-owned company in Saudi Arabia, recently scrapped plans to increase production capacity to 13 million barrels per day by 2027.
The United States, Russia and Saudi Arabia accounted for 40% of global oil production in 2023. The three countries have produced more oil than any other since 1971. By comparison, the next largest three producers – Canada, Iraq and China – combined produced 13.1 million barrels per day in 2023.
