Not Saudi Arabia or Russia, the U.S. is now the largest producer of oil and gas in the world. The U.S. oil production is shattering records in 2024 breaking all the barriers that held it back. While Middle Eastern countries are cutting on production, the U.S. output increased post-2020 making it the market leader.
The U.S. oil production is now 1.4% higher in 2024 than last year’s record pace. In addition, U.S. natural gas production is 1.1% higher than a year ago in May 2023. America is now producing more oil than any other country has in history directly challenging the Middle East.
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U.S. Oil and Gas Production: Records Shatter in 2024
The average U.S. oil production last year in 2023 stood at 2.93 million barrels per day (BPD). However, the same production output increased by a whopping 7.1% in 2024 to 13.12 million bpd.
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Natural gas production also tells a similar tale of domination. U.S. gas production stood at 124.6 billion cubic feet per day (CFD) last year but increased to 125.9 CFD in 2024. That’s a spike of nearly 1.1% in the last 12 months.
The development led to the price of West Texas Intermediate (WTI) crude reaching $85 per barrel despite the conflicts in the Middle East. WTI surged 7% compared to last year’s tracking and the global tensions failed to halt its rally. Therefore, the U.S. held the crude oil and gas prices together preventing it from spiraling out of control.
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Commodities like crude oil, gas, gold, silver, copper, and the U.S. dollar have all performed according to expectations. Even the equities market printed new highs with the S&P 500 index climbing above the 5,200 mark and the Dow Jones Industrial Average touching 39,889. A handful of stocks surged due to the development leading to profits in Q1 of 2024.
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