US remains the biggest crude oil producer for sixth consecutive year – EIA

The US is leading global crude oil production for a sixth straight year, with a record average output of 12.9 million b/d in 2023, the Energy Information Administration (EIA) said in a recent analysis. 

PHOTO: An oil pumpjack with the US flag in the background. Getty Images

At 12.9 million b/d, US average crude oil production broke its previous global record of 12.3 million b/d set in 2019, the EIA said. No other oil producing country is expected to breach this target in the near future as none "has reached production capacity of 13.0 million b/d," the EIA said.

Average monthly US crude production in December last year stood at a record high of more than 13.3 million b/d.

Meanwhile Saudi Arabia, OPEC's de-facto leader and a major oil producer, recently shelved plans to increase the state-owned Saudi Aramco's production capacity to 13.0 million b/d by 2027.

Saudi Arabia’s annual production peaked in 2022 at 10.6 million b/d, which was 1.3 million b/d less than the US during the same time, the EIA estimated. The country's crude oil production declined further by 900,000 b/d in 2023 because of voluntary production cuts.

Notably, combined crude oil production from the US, Russia and Saudi Arabia accounted for 40% of global oil output 2023, according to the EIA.

By Aparupa Mazumder 

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