America’s Oil Dominance…

U.S. crude oil production hit 12.9M barrels per day in 2023, smashing all previous global records...

The Big Picture

U.S. crude oil production hit 12.9M barrels per day in 2023, smashing all previous global records. For perspective, that’s enough oil to fill 820 Olympic-sized swimming pools daily, or fuel 27 million cars for a year.

By the Numbers

Global Oil Production Share (2023)

The Big Three’s Dominance

• Control 40% of global production
• Produce 32.8M barrels daily
• Equal to India’s entire annual oil consumption

The Comeback Story

U.S. Production Journey
1970: 9.6M b/d (First Peak) ↓
2008: 5.0M b/d (Rock Bottom) ↑
2019: 12.3M b/d (Previous Record) ↑
2023: 12.9M b/d (New Record) ↑
Dec 2023: 13.3M b/d (Monthly Record)What Changed?

• Fracking revolution
• Horizontal drilling advances
• Permian Basin boom
• Technology improvements

Game-Changing Numbers

Monthly Records

• 2019 Average: 12.3M b/d
• 2023 Average: 12.9M b/d
• December 2023: 13.3M b/d

Competitor Limitations

• Saudi Arabia: 12M b/d max capacity
• Russia: Peaked at 10.8M b/d
• No other country close to 13M b/d capability

Regional Powerhouses

Top Production Regions

• Permian Basin (Texas/New Mexico)
• Eagle Ford (Texas)
• Bakken (North Dakota)

Next Tier Producers (2023)

Impact & Implications

Global Energy Shift

• U.S. energy independence achieved
• OPEC influence declining
• Geopolitical power dynamics changing

Future Outlook

• No competitor capable of 13M b/d
• Saudi Arabia abandoned expansion plans
• U.S. leadership position secure

Bottom Line: America’s transformed from energy dependent to global oil king in just 15 years – producing more oil than any country in history, with no close competitors in sight.

Fun Facts

Daily U.S. production could fill:

• 820 Olympic pools
• 27,000 tanker trucks
• 648 supertankers

→  Annual production could circle Earth 1.3 times in barrel form
→ Growth from 2008 to 2023 equals entire Saudi production