In 2023, oil production in the United States reached 19.4 million barrels per day, the highest value within the period of consideration. The United States currently produces more oil than any other country in the world.
Why has U.S. oil production increased?
As U.S. oil production has more than doubled since the 2008 recession, imports of crude oil to the United States have decreased. An upsurge in foreign oil prices during the financial crisis, particularly from OPEC countries located mainly in the Middle East, motivated the U.S. energy industry to find ways to increase production domestically.
Developments in extraction technology
During the recession, investors took advantage of low-interest rates to develop costly oil extraction processes such as hydraulic fracturing. Also known as “fracking,” this extraction method made it possible to access shale oil deep underground that was once out of reach. Texas and New Mexico are major sites of shale reserves and have thus become the two largest oil-producing states in the country.
Oil production in the United States from 1998 to 2023
(in 1,000 barrels per day)
This report was previously published by BP.
Figures include crude oil, shale oil, oil sands, condensates and NGLs. Liquid fuels from other sources such as biofuels and synthetic derivatives of coal and natural gas are excluded, as well as oil shales/kerogen extracted in solid form.
This statistic was compiled using several releases of the publication.
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Energy Institute. (June 20, 2024). Oil production in the United States from 1998 to 2023 (in 1,000 barrels per day) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/265181/us-oil-production-in-barrels-per-day-since-1998/
Energy Institute. "Oil production in the United States from 1998 to 2023 (in 1,000 barrels per day)." Chart. June 20, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/265181/us-oil-production-in-barrels-per-day-since-1998/
Energy Institute. (2024). Oil production in the United States from 1998 to 2023 (in 1,000 barrels per day). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/265181/us-oil-production-in-barrels-per-day-since-1998/
Energy Institute. "Oil Production in The United States from 1998 to 2023 (in 1,000 Barrels per Day)." Statista, Statista Inc., 20 Jun 2024, https://www.statista.com/statistics/265181/us-oil-production-in-barrels-per-day-since-1998/
Energy Institute, Oil production in the United States from 1998 to 2023 (in 1,000 barrels per day) Statista, https://www.statista.com/statistics/265181/us-oil-production-in-barrels-per-day-since-1998/ (last visited November 21, 2024)
Oil production in the United States from 1998 to 2023 (in 1,000 barrels per day) [Graph], Energy Institute, June 20, 2024. [Online]. Available: https://www.statista.com/statistics/265181/us-oil-production-in-barrels-per-day-since-1998/
