U.S. Field Production of Crude Oil in Thousand Barrels per Day Chart 2013-2023

This chart depicts U.S. Field Production of Crude Oil in Thousand Barrels per Day from 2013 through 2023.

US Oil Production by Year Chart Additional Information 2013 – 2023

From 2013 to 2023, U.S. field production of crude oil experienced significant fluctuations, largely influenced by advancements in technology, market dynamics, and geopolitical factors:

1. 2013-2014: Growth Era
During these years, the U.S. saw a substantial increase in crude oil production, driven by the shale boom and advancements in hydraulic fracturing (fracking) and horizontal drilling. Major shale formations like the Bakken, Eagle Ford, and Permian Basin contributed to this surge. By 2014, production had increased to around 8.7 million barrels per day (bpd) as shown in the above graph.

2. 2015-2016: Market Adjustments
Oil prices plummeted in late 2014 due to a global supply glut, leading to reduced drilling activity and investment. Consequently, production growth slowed, and by 2016, U.S. crude oil production dipped to around 8.8 million bpd from a peak of over 9.4 million bpd in 2015.

3. 2017-2019: Recovery and Record Production
Oil prices gradually recovered, prompting a resurgence in U.S. crude oil production. By 2018, the U.S. became the world’s largest crude oil producer, surpassing Saudi Arabia and Russia. Production reached record highs, averaging about 12.3 million bpd in 2019.

4. 2020: Pandemic Impact
The COVID-19 pandemic led to a sharp decline in oil demand, causing prices to crash. In April 2020, U.S. crude oil production fell dramatically, and some wells were shut in due to negative oil prices. Production decreased to around 11.3 million bpd by the end of the year.

5. 2021-2022: Gradual Recovery
As global economies began to recover, so did oil demand. U.S. crude oil production gradually increased, though at a slower pace than pre-pandemic levels. By 2022, production was nearing around 11.9 million bpd, supported by a partial return of drilling activities and increased investment.

6. 2023: Reaching Stability
In 2023, U.S. crude oil production continued its path to stability, with production hovering around 12.9 million bpd. This was influenced by a combination of factors including more stable oil prices, technological improvements, and increased focus on energy security amidst geopolitical tensions.

Overall, U.S. crude oil production over the past decade has demonstrated resilience and adaptability, responding to market conditions and technological advancements, making the U.S. a key player in global oil markets.