U.S. Energy Information Administration (EIA) annual energy review

US Achieves Record Oil Production and 2.0 Million Barrels Per Day Exports in 2024

Oct 18, 2024, 10:11 AM

The United States has achieved record levels in crude oil production and exports in 2024. According to recent data, US net oil exports have averaged approximately 2.0 million barrels per day, marking a significant milestone. This surge in production and export is a continuation of a trend that began in 2008, when America's need for foreign crude started to decline. By 2019, the US was exporting more energy than it imported, and last year it recorded a net energy surplus of about $65 billion. In 2006, net imports were as high as 13.4 million barrels per day. Despite the record high production of 13.5 million barrels per day, some experts caution that weekly crude production data is not a definitive confirmation of sustained production levels.