Oil Production

The United States has recently experienced an unprecedented upswing in oil production, marking a significant milestone in the industry's history. Projections at the end of last year suggested that the U.S. was poised to achieve a global record of 13.3 million barrels per day in the fourth quarter of 2023. This surge, primarily driven by shale oil drillers in Texas and New Mexico, has led to the U.S. exporting volumes comparable to major oil-producing nations. This unexpected boost in production is reshaping global supply dynamics and challenging existing perceptions of the trajectory of the American energy sector.