The US saw an all-time production record surpassed in December 2023 with more than 13.3 million barrels per day (mbpd), a figure that, according to forecasts, will be widely surpassed in both 2024 and 2025, data from the US Energy Information Administration (EIA) showed.
The state of Texas is the largest oil producer in the US with 42 per cent of the total, and employs more than 480,000 people. Maintaining stable production will be key to the Texas economy.
Crude oil production in Texas will again set historical records in February, exceeding 5.6 mbpd, in what will be a continuation of the upward trend shown since December, and which will extend into both 2024 and 2025, according to forecasts by the Texas Oil & Gas Association.
This upward trend in Texas confirms national forecasts.
The sector already contributes more than $26.3 billion in state and local taxes to the national economy, an increase of $1.5 billion more than in 2022.