Record-Breaking US Oil Production Surpasses All Countries in History
TL;DR Summary
The US has become the largest oil producer in history, with crude and condensate production reaching a new global record of 13.3 million barrels per day. This surge in output has offset OPEC+ production cuts and is expected to lead to a "new equilibrium" in the oil market, with prices ranging between $75 and $100 per barrel in 2024. Booming US production has eroded OPEC's global market share, and there are concerns that Saudi Arabia may flood the market with crude to regain its share.
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