U.S. oil industryThe U.S. is the world’s leading oil-producing country, followed by Saudi Arabia. U.S. oil production peaked in 2022, at nearly 18 million barrels per day.
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. In line with a production increase, 2022 also saw the largest amount of oil exports from the U.S.. The leading oil exporters globally included the U.S., Saudi Arabia, and Russia.