Visualizing the Rise of the U.S. as Top Crude Oil Producer - by Elements & Visual Capitalist
Over the last decade, the United States has established itself as the world’s top producer of crude oil, surpassing Saudi Arabia and Russia. This infographic illustrates the rise of the U.S. as the biggest oil producer, based on data from the U.S. Energy Information Administration (EIA).
The US is pumping more oil than any country in history
US crude production has surpassed every record in history for six years in a row, the US Energy Information Administration wrote on Monday. Its latest peak reached in 2023 is unlikely to be broken by any near-term competitor, it said.Including condensate, last year's US crude production averaged 12.9 million barrels per day, eclipsing the 2019 global record of 12.3 million barrels per day.A monthly record also occurred in December, at over 13.3 million b/d. Source: business insider
Great visual on Saudi Aramco
By Graphite Asset Advisory / John Haslett, CA(SA), FRM
Saudi Arabia, de facto leader of the Organization for the Petroleum Exporting Countries, will extend its voluntary crude production cut of 1 million barrels per day until the end of the second quarter
-> the state-owned Saudi Press Agency said Sunday, citing a source from the country’s Ministry of Energy. Riyadh’s crude production will be approximately 9 million barrels per day until the end of June, the announcement said..$ Russia will trim its production and export supplies by a combined 471,000 barrels per day until the end of June, Russian Deputy Prime Minister Alexander Novak said Source: CNBC https://lnkd.in/eJWWckDe
World oil demand is breaking out to new all-time highs.
Source: Topdown charts
Oil rigs are now contracting the most since the pandemic issues.
As highlighted by Tavi Costa -> US GDP is nearly 30% higher than pre-pandemic levels, while oil production remains at approximately the same level as it was in early 2020 Source: Bloomberg, Crescat Capital
Visualizing the Rise of the U.S. as Top Crude Oil Producer 🛢️
Source: Visual Capitalist
Supply constraints for oil are on the horizon, according to Occidental
Source: CNBC
