Forbes said recently that preliminary data from U.S. Energy Information Administration show U.S. crude oil production reached a record 13.249 million barrels per day by Dec. 13, 2024, and cumulative production this year is estimated at 4.611 billion barrels by that date. That was only 110 million barrels shy of the previous annual record so Forbes said the previous record likely fell by Dec. 22, 2024. U.S. production reached a previous high of 12.9 million b/d in 2023.
In its report Dec. 22, Forbes said, “The new record highlights the role of enhanced recovery techniques like precision fracking and improved technologies which have unlocked greater production from key oil fields. The Permian Basin continues to be the powerhouse of U.S. production, contributing a significant share of the growth through its cost-efficient operations.”
High demand for U.S. crude oil, particularly from Europe and Asia, spurred production. And at home, steady consumer demand for refined products, supported by healthy refining capacity, ensured domestic market stability. U.S. crude oil production demonstrated the sector’s ability to balance growing domestic demand, export markets and geopolitical uncertainties.