U.S. Sets New Global Oil Production Record in 2023

The United States produced an unprecedented 12.9 million barrels per day, surpassing its own 2019 record and leading global production for the sixth consecutive year.

The U.S. achieved a historic high in crude oil production, averaging 12.9 million barrels per day in 2023, breaking the previous global record set by the U.S. in 2019.
Despite regulatory challenges and a push for green energy, the U.S. maintained its position as the world's top oil producer, with no other country likely to surpass this record in the near term.
Technological advancements and the growth of production in the Permian Basin have been key drivers of the U.S.'s oil production surge.
The U.S. is moving towards becoming a net exporter of crude oil, with net exports growing to 1.6 million barrels per day in 2023.
Concerns arise over the potential impact of new regulations and taxes on future production levels, with some analysts warning that the U.S. could be living on borrowed time.