Oil production in North America has shown significant fluctuations over the years. In 2023, production stood at 1,150.0 million metric tons. From 2013 to 2023, production grew at a compound annual growth rate (CAGR) of about 2.26%, peaking in 2019 at 1,110.0 million metric tons. The year-on-year variations were notably volatile, highlighted by substantial growth in 2018 at 11.88% compared to declines like in 2020 with -4.44%. The five-year forecast predicts a CAGR of 0.66%, indicating slower growth ahead.
Future trends to watch for:
- Technological advancements in extraction methods.
- Policy changes impacting environmental regulations.
- Market shifts due to global energy transition towards renewable sources.
