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 BP’s Statistical Review of Energy, the U.S. led global oil production in 2021 with a 16.8% market share (down from 2020’s 18.6% share), followed by Saudi Arabia with a 12.2% market share (down slightly from 2020’s 12.1%). The U.S. produced 11,188 thousand barrels per day in 2021 (down from 16,476 thousand barrels per day during 2020), while Saudi Arabia produced 9,394 thousand barrels per day in 2021 (down from 11,039 thousand barrels per day in 2020). The Russian Federation was third with a 12.7% market share and produced 10,455 thousand barrels daily in 2021. (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.)

Increased drilling activity in shale in West Texas and New Mexico, along with rising deep-water output in the Gulf of Mexico, boosted U.S. production. By November 2019, record-breaking production of more than 12.8 million barrels of crude oil per day was reached (not including natural gas liquids). However, The U.S. Energy Information Administration (EIA) estimated that in 2021, about 2.64 billion barrels (or about 7.23 million barrels per day) of crude oil were produced directly from tight (shale) oil resources in the United States. This was equal to about 64% of total U.S. crude oil production in 2021.

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