FACTS ON POLICY: Crude Oil Production

December 4, 2007

The United States is the third-highest crude oil–producing nation in the world.

In 2006, the United States produced 5.1 million barrels of crude oil a day, which is more than Iran and Venezuela’s crude oil production combined. Russia and Saudi Arabia, the world’s top two oil-producing nations, produced 9.3 and 9.2 million barrels of crude oil a day, respectively.

In 1960, the United States produced roughly one-third of the world’s crude oil supply. By 2006, the U.S. share of world oil production had dropped to less than 7 percent. This is due both to the decrease in oil production in the United States, which peaked at 9.6 million barrels per day in 1970, and the increase in total world output, which has more than tripled since 1960.

The United States was the world’s leading producer of crude oil until 1973; from 1974 to 1991, the former Soviet Union was the leader. Beginning in 1992, Saudi Arabia was the top producer of oil until 2006, when Russia overtook Saudi Arabia to again become the top producer of crude oil. As recently as 1998, the United States was the second-highest crude oil–producing nation.

Until 1993, the United States produced more crude oil than it imported. Currently, the United States imports roughly two-thirds of its total crude oil supply. In 2005, the top four foreign sources of crude oil, in decreasing order, were Canada, Mexico, Saudi Arabia, and Venezuela. Roughly 40 percent of U.S. crude oil imports came from North and South America.

Within the United States, Texas, Alaska, and California are the top three crude oil-producing states. Together these three states account for half of the United States’ oil production.

Figure 1
Top Ten Crude Oil-Producing Nations (in millions of barrels per day)

Figure 2
Crude Oil Production of Top Three Oil-Producing Countries, 1960-2006
  (in millions of barrels per day)

Sources:

• U.S. Department of Energy, Energy Information Administration, “Table 11.5 World Crude Oil Production, 1960–2006.”

• U.S. Department of Energy, Energy Information Administration, “Top Oil Producers and Consumers.”

• U.S. Department of Energy, Energy Information Administration, “Crude Oil Production” (November 2007).

• U.S. Department of Energy, Energy Information Administration, “U.S. Crude Oil Field Production” (September 2007).

• U.S. Department of Energy, Energy Information Administration, “U.S. Crude Oil Imports” (September 2007).

Related Links and Material:

• Hoover Institution, Focus on Issues: "What's Driving the High Price of Oil?"

Quiz Source Information:

• U.S. Department of Energy, Energy Information Administration, “Table 4a. U.S. Petroleum Supply, Consumption, and Inventories” (November 2007).