The U.S. has achieved an unprecedented feat in oil production, with net exports in 2024 reaching about 2.0 million barrels per day, nearing the highest levels ever recorded. This monumental shift starkly contrasts with 2006, when the U.S. was heavily reliant on oil imports, reaching 13.4 million barrels per day. Back then, America was only producing around 5.1 million barrels daily.
Now, the U.S. is the world’s largest oil producer, pumping more than 13.4 million barrels per day. This surge in domestic production has drastically reduced America’s dependence on Middle Eastern oil, making it less susceptible to supply disruptions from the region.
Sources:
The US is pumping and exporting oil at record levels:
In 2024, US net oil EXPORTS have reached ~2.0 million barrels per day on average, near the most on record.
By comparison, in 2006, net IMPORTS were as much as 13.4 million barrels per day and have been declining ever since.… pic.twitter.com/MXwZuiA896
— The Kobeissi Letter (@KobeissiLetter) October 18, 2024
113 views