Improved Efficiency is Enabling Record U.S. Crude Oil Production from Fewer Rigs

Rigs drill oil wells, and an increased number of active drilling rigs indicates that U.S. producers are drilling more wells, which generally results in growing oil production.

Crude oil production in the U.S. Lower 48 (L48) states, which excludes Alaska and offshore production, reached a record 11.3 million barrels per day (b/d) in November 2024, according to our estimate in the latest Short-Term Energy Outlook (STEO) published on December 10. Crude oil production in the L48 states increased 3% year over year despite fewer ac…