U.S. Crude Oil Production Edged Higher in 2024

SEATTLE (Oil Monster): U.S. crude oil production rose by 270,000 barrels per day (b/d) over the previous year to average 13.2 million b/d, according to the U.S. Energy Information Administration's (EIA) Petroleum Supply Monthly report. Nearly all of the 2024 production growth was attributed to the Permian region.

The research claims that no other region generated as much crude oil as the Permian region in southeastern New Mexico and western Texas. Nearly 48 percent of all crude oil produced in the United States came from this region.

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More than half of the drilling rigs operating in 2024 were in the Permian region, which had an average of 308 active rigs. In comparison to 2023, there were 26 fewer rigs in 2014. Nonetheless, the region's production increased due to higher well productivity. According to the EIA, productivity rose as a result of processes being optimized through the use of technological innovations.

In 2024, the Bakken and Eagle Ford regions each accounted for 9% of the nation's total crude oil production. In both of these areas, productivity stayed rather constant. In 2024, there were an average of 54 rigs in the Eagle Ford, down 9 rigs, and an average of 34 rigs in the Bakken, down 2 rigs.