American Oil and Natural Gas Production: Growth and Prices
May 9, 2024
American oil and natural gas production broke records last year, and this trend continues into this year. The average daily oil production in 2024 reached 13.12 million barrels, marking a 7.1% increase from the previous year. Natural gas production also saw an increase, with January levels up by 1.1% compared to a year ago. Currently, the price of WTI crude oil is around $85 per barrel, which is 7% higher than a year ago. This elevated price level may support further production growth, despite a slight decrease in the number of drilling rigs.”
