U.S. oil industryThe U.S. is the world’s leading oil-producing country, followed by Saudi Arabia. U.S. oil production peaked in 2019, at over 17 million barrels per day, before decreasing in 2020 and 2021.
In December 2015, the U.S. lifted a longtime ban on exports of crude oil from the U.S. Since that time, the amount of oil exported from the U.S. has also increased significantly. Despite the pandemic, 2020 saw the largest amount of oil exports from the U.S. in history. By 2021, exports had decreased slightly, amounting to 7.9 million barrels per day. The leading oil exporters globally included the U.S., Saudi Arabia, and Russia.