Crude Oil Production in the United States increased to 13844 BBL/D/1K in September from 13800 BBL/D/1K in August 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.

On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for global oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

As a result of crude oil price crash followed by the economic crisis sparked by Covid-19, crude oil demand has plummeted due to restricted mobility as lockdown measures were implemented. Operators were swift to readjust their capital and production guidance for the year of 2020. From a list of 17 operators, the total capital expenditure cut sums up to approximately US$ 38 billion, with Exxon leading the cut with US$ 10 billion followed by Chevron with US$ 6 billion. However, Occidental Petroleum has the biggest percentage cut of 55%. The withdrawal of investments in development plan in US Lower 48 states has led to a decline in production in 2020. The oil production cuts intensified during Q2 2020 with Permian Basin experienced the biggest decline in crude oil, summing up to approximate 1 million barrels a day (mmbd). As for the natural gas decline, Permian and Eagle Ford contribute to approximately 3.5 billion cubic feet per day (bcfd) and 1 bcfd as a result of oil well production curtailment. Read More

The total amount of crude oil output cuts by OPEC+ member countries will amount to 1.16 million barrels per day from May 2023 to December 2023. Saudi Arabia, one of the world's largest oil producers, announced that its voluntary oil output reduction would amount to some 500,000 barrels per day (b/d), which would be by far the highest output cut among the OPEC+ countries. This was followed by Iraq, which plans to decrease its output by 211,000 b/d.

The announcement that OPEC+ countries' plan to cut oil outputs from May 2023 through December 2023 was a surprise, and the move is expected to increase oil prices by as much as 10 U.S. dollars per barrel according to some analysts.

Petroleum refiners have experienced volatile conditions in recent years since crude oil is the primary input cost for refiners in the United States. Crude oil is a highly volatile commodity as a result of its sensitivity to microeconomic and macroeconomic factors, including volatile production, demand and the health of global economies. As petroleum refiners pass these prices to customers, industry returns see similar volatility. With an uptick in crude oil prices through 2025, industry revenue has pushed up at a CAGR of 15.9% to an estimated $798.3 billion, including a 4.9% dip in 2025 alone. The period started slow, as the pandemic weakened global productivity, cutting down the need for petroleum-based products like fuel. As the economy recovered, so did prices, allowing refineries to exhibit double-digit growth in 2021 and 2022. As prices came down, revenue eventually fell slightly. Nonetheless, these volatile conditions caused some companies to exit the industry. High barriers also discouraged new entrants, so most of the period was marked by expanding existing facilities rather than building new ones. This results in a high concentration of refineries, predominantly located along the Gulf Coast in Texas, Louisiana and California. Unlike standalone refiners, large integrated companies manage crude oil reserves to mitigate price volatility, maintaining stable profitability despite oil price fluctuations. Petroleum refiners face short-term challenges from the transition to green energy, driven by more investment in renewables and electric vehicle infrastructure from the Inflation Reduction Act. While this was originally seen as a long-term threat, the One Big Beautiful Bill Act cut the deadline drastically to 2025 and 2026, based on the type of credit. As the need for motor gasoline falls with the rise of electric cars, refineries may shift towards carbon capture technologies and chemical production to remain viable. While many refineries have closed recently, some may convert to renewable fuel facilities, as seen in Marathon's partnership with Nestle. Despite these challenges, the US remains a global leader in oil production, so refineries will still exhibit slight growth moving forward. Overall, revenue is set to push up at a CAGR of 0.5% through 2030, reaching $816.6 billion in 2030.

US oil production costs per barrel vary depending on factors such as location, type of crude oil, technology used, and economies of scale. Onshore drilling costs range from $20 to $50, while offshore costs can range from $50 to $100 or more. Light crude oil is easier to extract and costs $20 to $60, while heavy crude oil costs $30 to $70. Advanced drilling technologies can lower costs to $30 to $60. Economies of scale can further reduce costs. Production cost figures are estimates and can vary due to market

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 67.83 U.S. dollars per barrel as of August. This would be nine 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.

The extraction of hydrocarbons dwarfs that of any other mineral or energy source in the country, which exposes oil field drilling services to various factors that directly impact revenue and profit. The period started with massive slumps in revenue as the pandemic weakened the need for oil. Eventually, the price of oil rose and production ramped up, bolstering the need for oil field drilling services. The rapidly growing popularity of hydraulic fracturing (fracking) also made waves, now allowing oil companies to extract oil from areas previously unattainable. Even so, volatile conditions and price drops late in the period led to constant fluctuations in both sales and profitability. Overall, revenue has pushed up at a CAGR of 0.4% over the five years, reaching $57.0 billion in 2025. This includes a 0.9% uptick in 2025 alone, which stemmed from swelling oil production in the country. During these fluctuations, the initial adoption of advanced enhanced oil recovery techniques boosted oil field drilling service providers as companies sought assistance with these new technologies. Nonetheless, increased efficiency required fewer rigs, ultimately limiting these service providers' growth. Even so, profit has crept upward thanks to lower material and operational costs. Despite a growing economy through 2030, oil and field services will see a dip in revenue as crude oil prices are slated to drop. Even so, production is set to continue swelling, which will keep the need for services elevated. Materials costs, like the price of steel, are also set to push down, bolstering profitability. The future of oil is still in the air, with speculations on the future of fracking and the newly elected Trump administration, which aims to expand domestic oil production even further. Overall, revenue for oil field drilling service providers is set to contract at a CAGR of 0.8% to $54.7 billion by 2030.

UK oil and natural gas production is on long-term decline as old oil and gas fields in the North Sea mature and near the end of their life cycle. Oil and gas extracting companies reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices as oil and gas from America flooded the market, slightly outpacing demand. Still, revenue is expected to expand at a compound annual rate of 5.1% over the five years through 2025-26 to £23 billion, owing primarily to the significant price hikes of 2021-22 and 2022-23. This includes a forecast dip of 4.3% in 2025-26, owing to oil and gas prices edging down. Profit is also slated to fall over the year. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which was extended until March 2025. At the same time, the sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices falling by 15.8% in the year to August 2025. Oil and gas prices are likely to continue inching downwards in the coming years. The UK government has implemented policies to create a more favourable environment for extractors in the North Sea to improve UK energy security. However, the depletion of natural resources, the high cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. Revenue is forecast to climb at a compound annual rate of 2% over the five years through 2030-31 to £25.4 billion, supported by two new major oil and gas fields, Jackdaw and Rosebank.

Mining, oil and gas machinery manufacturers have faced challenges in recent years as weak commodity markets and volatile energy prices have constrained demand from their core customers. Industry revenue is estimated to drop at an annual rate of 2.8% through 2025, reaching $16.1 billion. The downturn has been driven by declining investment in oil and gas production and sluggish output from the metals and mineral mining sectors. Still, profit has held near 7.2% as easing logistics bottlenecks and lower input costs, particularly for steel, have offset much of the revenue loss. Most demand stems from the oil and gas sector, leaving manufacturers heavily exposed to fluctuations in energy markets. Oil prices fell sharply in 2025, benefiting consumers but squeezing producer profit, prompting companies to idle rigs and cut equipment spending. High borrowing costs and a strong U.S. dollar further weighed on export competitiveness, while import penetration increased as buyers sought more affordable foreign machinery. These pressures encouraged manufacturers to invest in automation and product efficiency to preserve competitiveness and reduce exposure to cyclical volatility. Over the next five years, global energy markets are expected to stabilize as supply and demand rebalance. A moderate rebound in crude oil production and renewed investment in domestic exploration will support equipment orders. A weakening dollar will gradually improve export competitiveness, particularly to Canada, Mexico and Latin America. Meanwhile, easing interest rates will encourage capital spending and reduce import pressure. Manufacturers are also expected to benefit from government infrastructure initiatives and rising energy demand in developing economies, which will underpin new exploration projects and capital equipment purchases. Through 2030, industry revenue is projected to remain stable, climbing at a flat CAGR of 0.0% to $16.1 billion. Profit will expand modestly as automation, digital monitoring and improved supply chain management reduce labor and transport costs. Continued investment in advanced manufacturing and research and development will position domestic producers to regain lost market share and compete more effectively in global markets as the oil and gas sector returns to normal.

Tight Oil Market Outlook

According to our latest research, the global tight oil market size reached USD 80.4 billion in 2024, driven by a robust resurgence in unconventional oil production and sustained demand from the energy and transportation sectors. The market is projected to grow at a CAGR of 7.2% from 2025 to 2033, reaching an estimated USD 151.1 billion by 2033. This growth trajectory is primarily fueled by technological advancements in extraction methods, increasing investments in upstream oil and gas activities, and the ongoing transition towards energy security in key economies. As per our latest research, the tight oil industry is undergoing significant transformation, underpinned by both macroeconomic and sector-specific drivers that are shaping its future outlook.

The tight oil market is experiencing significant growth, largely due to the increasing global demand for energy and the depletion of conventional oil reserves. As traditional oil fields mature and their output declines, energy companies are compelled to explore and exploit unconventional resources such as tight oil. The integration of advanced extraction technologies, particularly hydraulic fracturing and horizontal drilling, has made it economically viable to extract oil from low-permeability formations. These technological breakthroughs have not only reduced production costs but also improved recovery rates, thereby making tight oil an attractive option for meeting the world’s growing energy needs. Additionally, the volatility of global oil prices has prompted many countries to invest in domestic tight oil production, aiming to reduce dependence on imports and enhance energy security.

Another driving factor for the tight oil market is the increasing investment and support from both public and private sectors. Governments in key regions, particularly North America and certain parts of Asia Pacific, have introduced favorable regulatory frameworks, tax incentives, and streamlined permitting processes to encourage exploration and production activities. The influx of capital from institutional investors and energy companies has accelerated the development of tight oil resources, fostering innovation in drilling and completion techniques. Moreover, the growing collaboration between oilfield service providers and technology developers has led to the creation of more efficient and environmentally responsible extraction methods, further propelling market expansion. This synergy between policy support and industry innovation is crucial in maintaining the momentum of tight oil production globally.

Environmental considerations and the global push towards cleaner energy sources are also influencing the tight oil market’s growth trajectory. While there is increasing scrutiny of hydrocarbon production due to its environmental footprint, tight oil is often perceived as a transitional resource that can bridge the gap between conventional fossil fuels and renewable energy. Energy companies are investing in technologies to minimize water usage, reduce methane emissions, and enhance wellsite reclamation, thereby aligning tight oil operations with evolving environmental standards. Furthermore, the versatility of tight oil, which can be refined into various fuel products, makes it a strategic asset for countries striving to diversify their energy mix and ensure supply stability. As the world gradually shifts towards a low-carbon economy, tight oil is poised to play a pivotal role in supporting energy transition strategies.

Regionally, the tight oil market is dominated by North America, particularly the United States, which accounts for a substantial share of global production and technological innovation. The rapid development of shale plays in the Permian Basin, Bakken Formation, and Eagle Ford Shale has positioned North America as a global leader in tight oil extraction. However, other regions such as Asia Pacific and the Middle East are also ramping up exploration and production activities, supported by favorable geology and increasing energy demand. Europe and Latin America, while lagging in terms of production scale, are witnessing growing interest from international oil companies seeking to diversify their portfolios. This regional diversification is expected to intensify competition and drive further advancements in extraction technologies, ultimately shaping the global tight oil landscape.

Resource Type Analysis

The tight oil market is segmented by resource ty

Oil and gas field service providers are directly tied to oil and gas production, so the industry typically follows trends that are significant to that industry (IBISWorld Report 21111). The period started off on a low note as the pandemic massively weakened production, cutting down the need for field service providers as the number of rigs operating saw a steep drop. This drop carried on in 2021 but resurged in 2022, driven by favorable pricing because of supply chain issues from Russia’s invasion of Ukraine, which briefly bolstered field services providers. This revenue growth carried on into 2023 and 2024 as production continued to push up. Even so, prices took a dip, so growth was not as significant. Overall revenue pushed up at a CAGR of 2.5%, reaching $109.8 billion through 2025, including a 5.1% push down in 2025 as crude oil pricess are set to fall. Amid these fluctuations, the adoption of advanced enhanced oil recovery techniques initially benefited oil and gas field services providers as companies enlisted support for new technologies. Yet, increased efficiency led to a reduced need for rigs, fundamentally constraining growth for oil and gas field service providers. Despite this, profit has swelled amid lower operational costs. Nonetheless, with this uptick in efficiency, field service providers have cut down their workforce as employment has pushed down at a CAGR of 1.9% from 2020 to 2025. Looking ahead, oil and gas field services providers are poised to enjoy modest growth. The stabilization of natural gas and crude oil prices will continue, allowing for more investment in the industry and providing a much-needed boost to field service providers. Even so, the continued push for investment in renewable energy poses a competitive threat. Despite these challenges, US oil and gas producers will sustain robust production levels, particularly for exports, which will positively influence field service providers. The need for natural gas will also support growth in this sector. Overall, revenue for oil and gas field services providers is set to climb at a CAGR of 0.5%, reaching $112.7 billion in 2030.

In 2024, the United States consumed nearly ** million barrels of oil daily. In comparison to the previous year, figures decreased by around *** percent. Within the period of consideration, the figure peaked at **** 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 **** million barrels per day, while figures in 2008 stood at *** million barrels per day. Texas is by far the leading crude oil producing state, with an annual production of *** billion barrels in 2024. New Mexico was the second largest producer, at a third of Texas’ production. American oil companies As of June 2025, 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 ****** and ******** 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 its headquarters further South to its Houston campus) and generated an operating revenue of *** 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.

The global water-cut analyzer market is booming, projected to reach $800 million by 2033, driven by rising oil & gas production and stringent environmental regulations. Learn about market trends, key players (Ametek, Emerson, Halliburton), and regional growth in our comprehensive analysis.

Oil shocks exert influence on macroeconomic activity through various channels, many of which imply a symmetric effect. However, the effect can also be asymmetric. In particular, sharp oil price changes "either increases or decreases" may reduce aggregate output temporarily because they delay business investment by raising uncertainty or induce costly sectoral resource reallocation. Consistent with these asymmetric-effect hypotheses, the authors find that a volatility measure constructed using daily crude oil futures prices has a negative and significant effect on future gross domestic product (GDP) growth over the period 1984-2004. Moreover, the effect becomes more significant after oil price changes are also included in the regression to control for the symmetric effect. The evidence here provides economic rationales for Hamilton's (2003) nonlinear oil shock measure: It captures overall effects, both symmetric and asymmetric, of oil price shocks on output.

Crude oil prices have experienced significant volatility in the past three years due to geopolitical tensions, supply and demand dynamics, and changes in global economic conditions. This article discusses the factors that have influenced oil prices, including production cuts, global oil supplies, U.S. sanctions on Iran, and the COVID-19 pandemic. It also provides an overview of the average price of Brent crude oil in 2018, 2019, and 2020, highlighting the impact of the pandemic on oil demand and prices.

Oil producers extracted around 164 million barrels of crude oil from Alaska in 2021. Between 1980 and 2021, Alaska's crude oil production volume declined by more than half. Alaska's proved oil reserves amounted to 3.13 billion barrels as of 2021.

In 2017, the U.S. government implemented a law that allowed parts of Alaska's Arctic National Wildlife Refuge to be leased for oil drilling in a bid to support tax cuts for corporations. The U.S. Geological Survey estimates the coastal plain area up for oil leases could hold close to 16 billion barrels of oil. Despite concerns from environmentalists and Native Alaskan tribes questioning the necessity of establishing even more oilfields, a court ruling in early January 2021 allowed for lease sale to proceed.

The Venezuelan oil and gas industry, while historically a significant global player, has experienced considerable volatility and decline in recent years due to political instability, economic sanctions, and underinvestment. The industry's market size in 2025 is estimated at $25 billion, reflecting a gradual recovery from its recent lows but still significantly below its peak production levels. This recovery is primarily driven by the ongoing efforts to increase oil production, albeit hindered by persistent infrastructural challenges and limited access to international finance. The compound annual growth rate (CAGR) from 2025 to 2033 is projected at 4%, reflecting a cautious optimism given the inherent risks and uncertainties within the Venezuelan economy. This modest growth anticipates a gradual increase in production, facilitated by potential foreign investment and technological upgrades, should geopolitical conditions improve. However, sustained growth hinges on significant reforms addressing political and economic instability. Resolution of international sanctions and a renewed focus on attracting foreign investment are crucial for unlocking the industry's full potential. The continued reliance on heavy crude oil also presents challenges in a global market increasingly shifting towards lighter grades and renewable energy sources. Further complicating the outlook is the need for substantial investment in upgrading aging infrastructure and enhancing operational efficiency to increase production and reduce operational costs. The projected 4% CAGR assumes a gradual improvement in these key areas, but significant challenges remain. A more optimistic scenario would involve substantial foreign direct investment which is not currently projected based on the current geopolitical climate. Key drivers for this market are: 4., Recovering Number of Air Passengers, on Account of the Cheaper Airfare in Recent Times4.; Increasing Disposable Income of Population. Potential restraints include: 4., High Share of Fossil-Fuel-Based Aviation Fuels in South American Countries. Notable trends are: Upstream Sector as a Prominent Market.

Major global events, like the pandemic and the Ukraine war, have greatly impacted machinery manufacturers by creating significant volatility in commodity prices. Major production and travel slowdowns harmed demand for oil and gas, resulting in fewer extraction projects and lowering the need for machinery. Still, Russia's invasion of Ukraine led to sanctions placed on Russia by various countries, which led to surging oil and gas prices. This uptick in prices led to strong US oil and gas production growth, boosting machinery sales in 2022 and 2023. Still, supply chain woes led to considerable increases in machinery production costs. Manufacturers passed these higher costs onto customers to retain profit but hindered revenue growth as customers increasingly sought cheaper imports. Overall, revenue has been falling at a CAGR of 3.4% over the past five years to total an estimated $14.0 billion through the end of 2024, including an estimated decrease of 1.8% in 2024. Manufacturers have also endured export declines. The increasing value of the US dollar has disincentivized foreign energy producers from purchasing US-made machinery despite its high quality. Interest rate hikes have also hindered manufacturers' performance. Since oil and gas producers typically purchase machinery on credit, higher interest rates reduce capital expenditures. Interest rate cuts and increases in oil and gas prices will benefit manufacturers in 2024. Falling oil and gas prices will negatively impact machinery manufacturers. These price drops will cause drilling projects to slow down, reducing the need for new machinery and maintenance services. While the dollar's falling value will reduce import penetration, exports will continue to drop alongside oil and gas prices. The Willow Project, one of the largest oil projects in the United States, is likely to boost domestic oil production, driving machinery sales. Domestic manufacturers will continue to focus on high-value-added products, protecting them from substitutes and enabling them to become more profitable. The Trump administration plans to ramp up oil drilling and gas extraction by rolling back previous regulations restricting carbon emissions, thereby creating greater energy independence for the nation and potentially boosting equipment sales. Overall, revenue is forecast to fall at a CAGR of 4.6% to total an estimated $11.0 billion through the end of 2029.

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Pump Jack Market Size 2024-2028

The pump jack market size is forecast to increase by USD 918 billion at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth due to the benefits offered by offshore pump jacks in oil extraction. The automation of these units has led to improved performance and reduced human intervention, making offshore well operations more efficient. However, the high maintenance costs associated with pump jacks remain a challenge for market growth. The shift towards renewable energy generation and the rise of electric vehicles may also impact the demand for pump jacks in the future. Additionally, the shutdown of industries and manufacturing companies due to economic downturns can negatively affect market growth. Innovations in pump jack units, such as advanced materials and remote monitoring technologies, are helping to mitigate these challenges and drive market growth.

What will be the Size of the Market During the Forecast Period?

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The devices facilitate the production of crude oil from surface oil wells by applying pressure to maintain the flow of oil from reservoirs. Surface oil extraction plays a significant role in global oil production, with conventional pump jacks being the primary workhorses in the industry. The demand for these devices stems from the vast onshore and offshore oil reserves, which require efficient and cost-effective methods for oil production. Despite their importance, pump jacks face high maintenance costs due to their continuous operation in challenging environments. The offshore wells, in particular, require specialized installation and maintenance, adding to the overall expenses. However, the integration of automation technologies is helping to mitigate these costs and improve the performance of pump jacks. Automation in pump jack operations enhances the reliability and efficiency of the devices by monitoring and controlling their performance in real-time.

Moreover, this enables early detection and resolution of potential issues, reducing downtime and maintenance costs. Additionally, automation can optimize the utilization of pump jacks by adjusting their operation based on reservoir pressure and oil production rates. The integration of automation technologies in pump jack operations is a response to the increasing focus on optimizing oil production and reducing costs. While renewable energy generation is gaining traction, the demand for oil and oil products remains strong, making the market an essential component of the global energy landscape. The market caters to various oil fields and oil reservoirs, with vertical wells being a significant application area. The market's growth is driven by the increasing demand for oil and the need to extract it efficiently and cost-effectively. As the industry continues to evolve, the market will play a crucial role in meeting the world's energy needs while minimizing environmental impact.

In conclusion, the market represents a critical segment of the oil and gas industry, providing essential solutions for surface oil extraction. With the integration of automation technologies, pump jacks are becoming more efficient, reliable, and cost-effective, making them an indispensable part of the global energy landscape.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Onshore
  Offshore


Geography

  North America

    Canada
    US


  APAC



  Europe



  Middle East and Africa



  South America

    Brazil

By Application Insights

The onshore segment is estimated to witness significant growth during the forecast period. In the extraction of oil and gas, offshore wells entail higher expenses due to the utilization of advanced automation technologies and resources compared to onshore drilling. Consequently, energy and petroleum (E&P) firms are increasingly focusing on onshore projects to optimize performance and reduce costs. The resurgence of crude oil prices has further fueled investments in this sector. However, the high maintenance costs associated with offshore drilling remain a challenge. As the world transitions towards renewable energy generation and the adoption of electric vehicles, the shutdown of industries and manufacturing companies could impact the demand for oil and gas. To stay competitive, E&P companies must continually evaluate their strategies and adapt to market trends.

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The onshore segment was valued at USD 2.88 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

North America is estimated to contribute 38% to the growth of the glob