From 2013 to 2023, US oil production experienced consistent growth, standing at 776.62 million metric tons in 2023. Notable year-on-year fluctuations include a significant rise of 16.95% in 2014 and a 5.04% decline in 2020 due to external factors. The compound annual growth rate (CAGR) over the last five years until 2023 was 3.01%. Forecasts from 2024 to 2028 anticipate moderate growth, with a forecasted five-year CAGR of 0.96% and a total growth rate of 4.88% by 2028.
Future trends to watch for:
- Impact of global oil demand and geopolitical factors.
- Technological advancements in extraction and production.
- Environmental policies and shift towards renewable energy.
