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Montevideo, April 17th 2024 - 12:15 UTC

 

 

US for the sixth year running has been the world's main crude oil producer

Wednesday, March 13th 2024 - 06:40 UTC
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In 2023, U.S., Saudi Arabia and Russia were responsible for 40% (32.8 million bpd) of the world’s crude oil output, followed by Canada, Iraq and China.  In 2023, U.S., Saudi Arabia and Russia were responsible for 40% (32.8 million bpd) of the world’s crude oil output, followed by Canada, Iraq and China. 

The United States in 2023, for the sixth year running has been the world's main crude oil producer produced more crude oil than any other country in 2023, with an average output of 12.9 million bpd, according to the Energy Information Administration (EIA). 

 United States also set a monthly global production record in December, hitting 13.3 million bpd that month. According to EIA, the only country capable of reaching the U.S. capacity of 13 million bpd is state-owned Saudi Aramco, which recently announced it was halting output capacity expansion plans, which would have brought it up to 13 million bpd by 2027.

In 2023, U.S., Saudi Arabia and Russia were responsible for 40% (32.8 million bpd) of the world’s crude oil output, followed by Canada, Iraq and China. 

Russian production, according to the EIA, fell by 200,000 bpd last year, due to sanctions and Russia’s OPEC+ voluntary cuts. Saudi production fell by about 900,000 bpd due to OPEC+ quotas and voluntary cuts. 

The increases in output on the U.S. side are thanks to new drilling technologies, with the Permian basin primarily responsible for the increases. 

U.S. production peaked in 1970 at 9.6 million bpd and then went into a state of decline, dropping to 5 million bpd in 2008, with output again increasing in 2009 thanks to hydraulic fracturing and enhanced oil recovery technology.

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