US Sets New Oil, Gas Production Records in 2024

The U.S. energy sector experienced significant growth in 2024, with crude oil production reaching a record 4.84 billion barrels, the highest ever for the country. This milestone marks the seventh consecutive year of record oil output, with U.S. production more than doubling since 2012, enabling the nation to become a net exporter of crude oil. Natural gas production also saw a historic increase, with gross withdrawals hitting an all-time high in December. The U.S. now exports a different type of crude oil compared to its imports, with the Netherlands being the leading buyer. Meanwhile, discussions about energy policies continue to evolve, as concerns arise over potential bureaucratic slowdowns in environmental permitting due to staffing cuts in federal agencies. Overall, the U.S. is solidifying its position as a dominant player in global energy production amidst ongoing developments in policy and market dynamics.