In-brief analysis

November 26, 2024

An average of 13.4 million barrels per day (b/d) of crude oil was produced in the United States during August 2024, a new record according to data from our Petroleum Supply Monthly. More crude oil was produced in the United States during August 2024 than during December 2023, when the previous monthly record of 13.3 million b/d was set.

In the first eight months of 2024, average monthly U.S. crude oil production only fell below 13.0 million b/d once, in January. For the full year of 2024, we forecast U.S. crude oil production will average 13.2 million b/d, according to our most recent Short-Term Energy Outlook, published on November 13. That volume would be more than the 2023 annual average of 12.9 million b/d, which is the current annual production record. In 2025, we forecast U.S. crude oil production will average 13.5 million b/d.

The United States became the world’s top crude oil producer in 2018, a position it has maintained each year since.

Principal contributor: Kimberly Peterson