The US is the world’s largest oil producer in 2023, for the sixth consecutive year
The United States produced more crude oil than any other country in 2023, for the sixth consecutive year, with production averaging 12.9 million barrels per day, up from 12.3 million bpd in 2019, which all he era had set a global record, according to the Energy Information Administration (EIA) .
The United States also set a monthly global production record in December, reaching 13.3 million bpd that month.
The potential for any other country to break this monthly record in the near term is very low, according to the EIA, based on capacity. The only country capable of reaching the US capacity of 13 million bpd is the state company Saudi Aramco, which recently announced that it had stopped plans to expand production capacity, which would have brought it to 13 million bpd by 2027.
Last year, the United States, Saudi Arabia and Russia were responsible for 40% (32.8 million bpd) of global crude oil production, followed by Canada, Iraq and China.
Russian production, according to the EIA, fell by 200,000 bpd last year, due to OPEC+ sanctions and voluntary cuts, but the decline was, all things considered, limited considering the economic sanctions. Saudi Arabia declined by about 900,000 bpd due to OPEC+ quotas and voluntary cuts.
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The increase in production in the United States is due to new drilling technologies, with the Permian Basin primarily responsible for the increases. Only the application of these new techniques has allowed the USA to remain at the forefront of world production, because otherwise the traditional US onshore deposits, exploited for over a century and a half, would have been exhausted by now.
US production reached its peak in 1970, with 9.6 million bpd, and then entered a phase of decline, falling to 5 million bpd in 2008, with a new increase in production in 2009, thanks to hydraulic fracturing and oil recovery technology. Growth continued thereafter, until the COVID pandemic, according to the EIA.
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The article The USA is the world's largest oil producer in 2023, for the sixth consecutive year comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/gli-usa-sono-il-maggior-produttore-mondiale-di-petrolio-nel-2023-per-il-sesto-anno-consecutivo/ on Tue, 12 Mar 2024 08:00:10 +0000.