US Oil Production Hits New High, Extends 6-Year Streak as World's Top Producer

The US has been the world's largest oil producer for 6 years straight, hitting a new record high of 12.9 million barrels per day (b/d) in 2023.

No other country is expected to surpass the US record in the near future. Russia and Saudi Arabia's records are around 10.8 million and 10.6 million b/d.

US oil production has rebounded dramatically since a 62-year low in 2008, thanks to technological advances making extraction more efficient.

Private companies drove much of the recent growth, but a wave of mergers with public firms could slow growth going forward.

After slowing down, EIA forecasts US oil production will reaccelerate in 2025 and surpass November 2023's monthly record.