US continues to dominate global oil production for the sixth consecutive year in 2023

In 2023, the United States maintained its position as the top oil producer in the world for the sixth consecutive year. The Energy Information Administration (EIA) reported that the U.S. produced an average of 12.9 million barrels of crude oil per day, surpassing the previous record set in 2019. The U.S., along with Russia and Saudi Arabia, accounted for 40% of global oil production in 2023. Despite facing sanctions and production cuts, Russia has struggled to maintain its position as a leading oil producer. The increase in U.S. oil production can be attributed to advancements in hydraulic fracturing and horizontal drilling techniques. The Permian Basin in Texas and New Mexico has been a key driver of the recent growth in U.S. oil and gas output. While challenges remain, the U.S. continues to lead the way in oil production on the global stage.