Record Production:

- The US has reached a record-breaking 13.4 million barrels per day in crude oil production.

Growth Over Time:

- Production has surged by 22% over the last 4 years.

- Since 2008, there’s been an astounding 350% increase from ~3.8 million barrels per day.

Global Leader:

- The US now leads as the world’s largest oil producer, surpassing Russia by ~35% and Saudi Arabia by ~38%.

👉 Key Insights:

- US oil production has consistently climbed since the 2020 low, showing resilience and growth.

- As OPEC cuts production, US output is stepping in to fill the gap.

🛢 Market Impact:

- If a recession hits, the oil market may become highly oversupplied, potentially leading to downward pressure on oil prices.

- The dominance of US production could significantly influence global energy markets in the coming years.