The latest data from the U.S. Energy Information Administration shows that the United States has produced “more crude oil than any country, ever,” for the past six years. U.S. crude production reached record levels in 2023, averaging 12.9 million barrels per day.
According to the EIA, crude oil production in the Permian Basin was the driving factor of the increases in total crude oil and natural gas production in the United States.
As EID has previously explained, U.S. oil and natural gas exports – critically, LNG – are key to ensuring energy security both on a domestic and global level in the wake of recent geopolitical market shocks.
As Didier Holleaux, President of trade association EuroGas, explains:
“[U.S.] LNG has been a relief for Europe and contributed to the stabilization of gas and electricity prices in Europe for consumers, after a long period of record high prices caused by the Russian supply drop.”
Despite record U.S. production, the latest International Energy Administration data demonstrates that methane emissions from oil and natural gas are set to go into decline.
Read the full post on EIDClimate.org.
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