America Ranks with Top Oil Producers/E&P Companies Reduce Drilling and Seek Lower Costs/ Limited Exports Allowed

The cost to produce a barrel of oil varies dramatically from one region to another and from one type of well to another. Today’s market trends have forced exploration and production companies to strive for lower costs and accelerate the adoption of efficient new techniques and technologies. Throughout the energy industry, exploration and production (E&P) firms have demanded lower prices from drilling companies and other oil field services firms. At the same time, they are demanding that their engineers and managers seek the highest possible levels of efficiency in all departments.

According to the U.S. Energy Information Administration (EIA), the U.S. led global oil production in 2023 with a 22% market share, followed by Saudi Arabia with a 11% market share. The U.S. produced 21,910 thousand barrels per day in 2023, while Saudi Arabia produced 11,130 thousand barrels per day in 2023. The Russian Federation was third with an 11% market share and produced 10,750 thousand barrels daily in 2023. (These figures represent oil production calculated in very broad terms, including natural gas liquids, or NGLs, which are a petroleum-like substance produced from natural gas, as well as biofuels.)

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America Ranks with Top Oil Producers/E&P Companies Reduce Drilling and Seek Lower Costs/ Limited Exports Allowed, Business and Industry Trends Analysis

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