Charting the Course of U.S. Oil Production

Despite facing significant challenges in recent years, the US remains the largest oil producer in the world and set a new annual production record in 2023. The narrative surrounding US oil production has gained significant relevance in the oil markets, especially at a time when supply and demand dynamics appear to be teetering on the edge. In a geopolitically charged world, the increase in US production (with the IEA estimating a 1.5 mbpd increase in non-OPEC production in 2024) is instrumental in keeping oil prices in…