Oil production in the United States amounted to around 827.1 million metric tons in 2023, an increase when compared to the previous year and the highest figure recorded within the period of consideration. Between 1998 and 2023, figures increased by 459 million metric tons.

Key information about United States Crude Oil: Production

• United States Crude Oil: Production was reported at 12,927.088 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 11,910.573 Barrel/Day th for Dec 2022
• US Crude Oil: Production data is updated yearly, averaging 8,135.663 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 12,927.088 Barrel/Day th in 2023 and a record low of 4,999.727 Barrel/Day th in 2008
• US Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

Crude Oil Production in the United States increased to 13488 BBL/D/1K in March from 13240 BBL/D/1K in February of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

Texas is by far the largest oil-producing state in the United States. In 2024, Texas produced a total of over two billion barrels. In a distant second place is New Mexico, which produced 744.6 million barrels in the same year. Virginia is the smallest producing state in the country, at three thousand barrels. Macro perspective of U.S. oil production The U.S. oil production totaled some 19.4 million barrels of oil per day, or a total annual oil production of 827 million metric tons in 2023. As the largest oil producer in the U.S., it is not surprising that Texas is home to the most productive U.S. oil basin, the Permian. The Permian has routinely accounted for at least 50 percent of total onshore production. Regional distribution of U.S. oil production A total of 32 of the 50 U.S. states produce oil. There are five regional divisions for oil production in the U.S., known as the Petroleum Administration for Defense Districts (PADD). These five regional divisions of the allocation of fuels derived from petroleum products were established in the U.S. during the Second World War and they are still used today for data collection purposes. In line with the fact that Texas is by far the largest U.S. oil producing state, PADD 3 (Gulf Coast) is also the largest oil producing PADD, as it also includes the federal offshore region in the Gulf of Mexico. There are around 590 operational oil and gas rigs in the country as of February 2025.

Key information about United States Oil Consumption

• United States Oil Consumption was reported at 18,983.557 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 18,862.210 Barrel/Day th for Dec 2022
• US Oil Consumption data is updated yearly, averaging 17,634.400 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 20,531.482 Barrel/Day th in 2005 and a record low of 11,512.436 Barrel/Day th in 1965
• US Oil Consumption data remains active status in CEIC and is reported by BP PLC
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.BP.OIL: Oil: Consumption

The oil production in federal lands of the United States recovered from the levels between 2011 and 2013, where around 650 million barrels of oil were produced. By 2018, this figure increased to the highest value in a decade, reaching almost 970 million barrels of oil.

United States US: Production Index: Crude Oil data was reported at 162.073 2010=100 in 2016. This records a decrease from the previous number of 171.954 2010=100 for 2015. United States US: Production Index: Crude Oil data is updated yearly, averaging 131.184 2010=100 from Dec 1948 (Median) to 2016, with 69 observations. The data reached an all-time high of 175.989 2010=100 in 1970 and a record low of 91.292 2010=100 in 2008. United States US: Production Index: Crude Oil data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United States – Table US.IMF.IFS: Production Index: Annual.

The US oil and gas production index measures the change in annual crude oil and natural gas production in the continental United States. Data for both commodities is sourced from the Energy Information Administration, and crude oil production volume has been converted to the equivalent measurement of natural gas. The base year of the index is 2000.

United States Crude Oil Supply: Annual: Imports: Others data was reported at 7,850.000 1000 Barrel/Day in 2016. This records an increase from the previous number of 7,363.000 1000 Barrel/Day for 2015. United States Crude Oil Supply: Annual: Imports: Others data is updated yearly, averaging 1,198.000 1000 Barrel/Day from Dec 1910 (Median) to 2016, with 103 observations. The data reached an all-time high of 10,126.000 1000 Barrel/Day in 2005 and a record low of 2.000 1000 Barrel/Day in 1910. United States Crude Oil Supply: Annual: Imports: Others data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s USA – Table US.RB017: Petroleum Overview: by Product.

In 2023, the total revenue of the United States’ oil and gas industry came to 244.4 billion U.S. dollars. That was a considerable decrease from the previous year, when U.S. oil and gas had revenue peaked at 330.8 billion U.S. dollars. The advent of shale oil and gas Following the financial crisis, investors in the U.S. sought to increase domestic production and reduce dependence on foreign oil and gas in turbulent international markets. Despite high start-up costs, shale gas and tight oil became economically viable to extract as the result of new methods such as hydraulic fracturing (also known as fracking). Production expanded rapidly in states with large permeable rock formations of sandstone, such as Texas and North Dakota. Surplus and instability The United States’ production of shale gas and tight oil has continued to grow uninhibitedly since 2008, leading to an oversupply by 2014. During the 2010s oil glut, output and revenue decreased as petroleum prices were destabilized worldwide. The trajectory of the gross output in the United States' oil and gas extraction industry largely precipitates the changes in total revenue, both reaching a high point in 2014 before a drastic fall the following year.

The Middle East produces more oil than any other region in the world, accounting for slightly less than a third of global oil production in 2023, at 31.5 percent. Overall, the Middle Eastern oil production makes up a slightly larger share of global production than it did ten years ago, but the contribution to worldwide oil production has risen most consistently in North America, while declining in all other regions. Shifts in North American oil production Over the past decade, higher oil production in North America has largely been driven by the United States. In the last ten years, oil production in the United States has more than doubled, with its annual output only mildly affected by the coronavirus pandemic. Meanwhile, Canada's crude oil production has also increased in the period, although in a less consistent manner. The U.S. moves towards less dependency Oil prices from OPEC countries, many of which are in the Middle East, had been rising in the years leading up to the global recession, reaching a peak in 2012. As a result, the United States decreased oil imports, and investors capitalized on lower interest rates to develop technologies such as hydraulic fracturing (fracking) that would allow domestic oil extraction from wells deep underground that were once too hard to reach. In 2019, before oil demand was affected by the pandemic, the North American country's imports dipped below 2.5 million barrels, a 26 percent drop in comparison to a decade earlier.

Graph and download economic data for Real Gross Domestic Product: Oil and Gas Extraction (211) in the United States (USOILGASRGSP) from 1997 to 2023 about extraction, oil, mining, gas, GSP, private industries, private, real, industry, GDP, and USA.

In 2023, the United States consumed nearly 19 million barrels of oil daily. In comparison to the previous year, figures increased by around 0.6 percent. Within the period of consideration the figure peaked at 20.8 million barrels of oil daily in 2005. The U.S. is the country with the highest oil consumption in the world. Domestic production U.S. oil production saw a noticeable growth after the Great Recession, as the energy industry developed extraction technologies to reduce the need to import high-priced oil. In 2021, domestic production amounted to 16.6 million barrels per day, while figures in 2008 stood at 6.8 million barrels per day. Texas is by far the leading crude oil producing state, with an annual production of two billion barrels in 2023. New Mexico was the second largest producer, at a quarter of Texas’ production. American oil companies As of June 2024, ExxonMobil had the highest market capitalization of any oil and gas producer in the world. Chevron and ConocoPhillips were also among the top 10 oil and gas companies worldwide based on market value, ranking second and seventh, respectively. ExxonMobil was founded in 1999, as a merger of Exxon and Mobil, formerly the Standard Oil Company of New Jersey and Standard Oil Company of New York, respectively. ExxonMobil is headquartered in Irving, Texas (although it has recently announced it will move it's headquarters further South to its Houston campus) and generated an operating revenue of 344 billion U.S. dollars in 2023. This figure represented an increase in comparison to 2021, when the company’s revenue dropped as a consequence of the coronavirus pandemic.

United States Crude Oil Supply: Annual: Imports data was reported at 7,969.000 1000 Barrel/Day in 2017. This records an increase from the previous number of 7,850.000 1000 Barrel/Day for 2016. United States Crude Oil Supply: Annual: Imports data is updated yearly, averaging 1,211.500 1000 Barrel/Day from Dec 1910 (Median) to 2017, with 104 observations. The data reached an all-time high of 10,126.000 1000 Barrel/Day in 2005 and a record low of 2.000 1000 Barrel/Day in 1910. United States Crude Oil Supply: Annual: Imports data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB017: Petroleum Overview: by Product.

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 69.76 U.S. dollars per barrel, as of April. This would be seven U.S. dollars below the 2024 average and the lowest annual average since 2021. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

Weekly, monthly, and annual data on crude oil, gasoline, diesel, propane, jet fuel, ethanol, and other liquid fuels. Domestic and international data on petroleum prices, crude reserves and production, refining and processing, imports/exports, stocks, and consumption/sales.

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of pl...

Shale gas and tight oil production in the United States is forecast to increase to more than 35 trillion cubic feet by 2050, up from 29.4 trillion cubic feet in 2024. Shale gas refers to natural gas that is trapped within dense shale formations. Tight oil is crude oil contained in such rock formations. It is extracted by drilling wells and pumping a sand, water, and chemical mixture into the rock. The pressure under which the mixture is pushed into fissures cracks the rock open, allowing for the gas and oil to be removed. Origins of U.S. shale gas production The extraction of shale gas and tight oil in the U.S. has increased dramatically since 2000; from about 1.77 trillion cubic feet to over 29 trillion cubic feet in 2024. The economic viability of shale exploration is a result of technological advances in horizontal drilling and hydraulic fracturing (fracking), as well as a surge in oil benchmark prices in the late 2000s and early 2010s. China's fast-growing economy meant it required ever greater amounts of petroleum products, while the largest oil producing body, OPEC, tightly controlled production output in order to push prices higher. This led to the WTI crude oil price climbing to an annual average of nearly 100 U.S. dollars in 2008, despite the onset of the financial crisis. Although early shale pioneer Mitchell Energy had experimented with horizontal drilling and fracking, it took until the 2000s for the technology to hit off. Shale gas production is concentrated primarily in regions such as the Northeast and the Gulf Coast, with Appalachia being the most productive U.S. natural gas region. Chevron is the largest U.S. shale oil producer by daily crude oil output.

United States Crude Oil Supply: Annual: Adjustments data was reported at 166.000 1000 Barrel/Day in 2017. This records a decrease from the previous number of 193.000 1000 Barrel/Day for 2016. United States Crude Oil Supply: Annual: Adjustments data is updated yearly, averaging 117.000 1000 Barrel/Day from Dec 1973 (Median) to 2017, with 45 observations. The data reached an all-time high of 266.000 1000 Barrel/Day in 1994 and a record low of -57.000 1000 Barrel/Day in 1978. United States Crude Oil Supply: Annual: Adjustments data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB017: Petroleum Overview: by Product.